Munger Famous Quotes & Sayings

100 Munger Famous Sayings, Quotes and Quotation.

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We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting; it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.Charlie Munger Munger Sayings By Charlie Munger: We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is
Using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.Charlie Munger Munger Sayings By Charlie Munger: Using [a stock's] volatility as a measure of risk is nuts. Risk to us is
Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.Charlie Munger Munger Sayings By Charlie Munger: Bull markets go to people's heads. If you're a duck on a pond, and it's
Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very hard in the US. Eventually, if it keeps growing, it will stop growing. As Herb Stein said, "If something cannot go on forever, it will stop." When it stops, it may be unpleasant. Other than Herb Stein's quote, I have no comment. But the things that trouble you are troubling me.Charlie Munger Munger Sayings By Charlie Munger: Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.Charlie Munger Munger Sayings By Charlie Munger: To some extent, stocks are like Rembrandts. They sell based on what they've sold in
You have to learn to be a follower before you become a leader.Charlie Munger Munger Sayings By Charlie Munger: You have to learn to be a follower before you become a leader.
There is bound to be a regression toward the mean.Charlie Munger Munger Sayings By Charlie Munger: There is bound to be a regression toward the mean.
The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a rich country like the USto spend 15% of GDP on healthcare, and if it rose to 16-17%, it's not a big worry.Charlie Munger Munger Sayings By Charlie Munger: The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot.
Knowledge and personality make doubt possible, but knowledge is also the cure of doubt; and when we get a full and adequate sense of personality we are lifted into a region where doubt is almost impossible, for no man can know himself as he is, and all fullness of his nature, without also knowing God.Thornton T. Munger Munger Sayings By Thornton T. Munger: Knowledge and personality make doubt possible, but knowledge is also the cure of doubt; and
If only I had the influence with my wife and children that I have in some other quarters!Charlie Munger Munger Sayings By Charlie Munger: If only I had the influence with my wife and children that I have in
Failure to handle psychological denial is a common way for people to go broke. You've made an enormous commitment to something.You've poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think.Charlie Munger Munger Sayings By Charlie Munger: Failure to handle psychological denial is a common way for people to go broke. You've
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.Charlie Munger Munger Sayings By Charlie Munger: I think there's an awful lot of twaddle and bullshit on EVA. The whole game
Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've got whole categories of things you just bat away so your brain isn't cluttered with them. That way, you're better able to pick up a few sensible things to do.Charlie Munger Munger Sayings By Charlie Munger: Part of that, I think, is being able to tune out folly, as distinguished from
I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.Charlie Munger Munger Sayings By Charlie Munger: I see almost no change in the price of the composite product that flows through
I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition or anything like that - Warrenhas always been very open about what he's learned, and I share that ethos. My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things like give talks on the intersection of psychology and economics. I didn't want to turn it into a total obsession.Charlie Munger Munger Sayings By Charlie Munger: I don't have too much interest in teaching other people how to get rich. And
The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We talk about welcoming partners. The guy doing deals, he wants to do a deal and then unwind it in the near future. It's totally opposite for us. We like to build lasting relationships. I think our system will work better in the long term than flipping deals. I think there are so many of them [helpers] that they'll get in ea h other's way. I don't think they'll make enough money to meet their expectations, by flipping, flipping, flipping.Charlie Munger Munger Sayings By Charlie Munger: The interesting thing about it to me is the mindset. With all these "helpers" running
When you borrow a man's car, always return it with a tank of gas.Charlie Munger Munger Sayings By Charlie Munger: When you borrow a man's car, always return it with a tank of gas.
A great business at a fair price is superior to a fair business at a great price.Charlie Munger Munger Sayings By Charlie Munger: A great business at a fair price is superior to a fair business at a
[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.Charlie Munger Munger Sayings By Charlie Munger: [GEICO] got to thinking that, because they were making a lot of money, they knew
Buffett found it 'extraordinary' that academics studied such things. They studied what was measurable, rather than what was meaningful. 'As a friend [Charlie Munger] said, to a man with a hammer, everything looks like a nail.Roger Lowenstein Munger Sayings By Roger Lowenstein: Buffett found it 'extraordinary' that academics studied such things. They studied what was measurable, rather
So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.Charlie Munger Munger Sayings By Charlie Munger: So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas
Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.Charlie Munger Munger Sayings By Charlie Munger: Those of us who have been very fortunate have a duty to give back. Whether
My idea of a good place to shop is Costco - it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.Charlie Munger Munger Sayings By Charlie Munger: My idea of a good place to shop is Costco - it has these heavily
A lot of our respected financial institutions are just casinos in drag.Charlie Munger Munger Sayings By Charlie Munger: A lot of our respected financial institutions are just casinos in drag.
Mimicking the herd invites regression to the mean.Charlie Munger Munger Sayings By Charlie Munger: Mimicking the herd invites regression to the mean.
Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you're wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.Charlie Munger Munger Sayings By Charlie Munger: Over many decades, our usual practice is that if something we like goes down, we
Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.Charlie Munger Munger Sayings By Charlie Munger: Common stock investors can make money by predicting the outcomes of practice evolution. You can't
If you, like me, lived through 1973-74 or even the early 1990s ... There was a waiting list to get OUT of the country club - that's when you know things are tough. If you live long enough, you'll see it.Charlie Munger Munger Sayings By Charlie Munger: If you, like me, lived through 1973-74 or even the early 1990s ... There was
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company. And there was no more damned reason for all these oil companies to buy fertilizer companies, but they didn't know exactly what to do, and if Exxon was doing it, it was good enough for Mobil and vice versa.Charlie Munger Munger Sayings By Charlie Munger: Some years ago one oil company bought a fertilizer company, and every other major oil
Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away ... I mean it just absolutely is designed to manipulate people into idiotic behavior.Charlie Munger Munger Sayings By Charlie Munger: Well the open-outcry auction is just made to turn the brain into mush: you've got
For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.Charlie Munger Munger Sayings By Charlie Munger: For society, the Internet is wonderful, but for capitalists, it will be a net negative.
We've got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active - discipline in avoiding just doing any damn thing just because you can't stand inactivity.Charlie Munger Munger Sayings By Charlie Munger: We've got great flexibility and a certain discipline in terms of not doing some foolish
Financial institutions make us nervous when they're trying to do well.Charlie Munger Munger Sayings By Charlie Munger: Financial institutions make us nervous when they're trying to do well.
Large enterprises make the few rich, but the majority prosper only through the carefulness and detail of thrift.Theodore T. Munger Munger Sayings By Theodore T. Munger: Large enterprises make the few rich, but the majority prosper only through the carefulness and
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies ...Charlie Munger Munger Sayings By Charlie Munger: And your brain doesn't naturally know how to think the way Zeckhauser knows how to
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.Charlie Munger Munger Sayings By Charlie Munger: It's natural that you'd have more brains going into money management. There are so many
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening ...Charlie Munger Munger Sayings By Charlie Munger: If you're going to buy something which compounds for 30 years at 15% per annum
I'm right, and you're smart, and sooner or later you'll see I'm right.Charlie Munger Munger Sayings By Charlie Munger: I'm right, and you're smart, and sooner or later you'll see I'm right.
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.Charlie Munger Munger Sayings By Charlie Munger: Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a
The investment game is getting more and more competitive.Charlie Munger Munger Sayings By Charlie Munger: The investment game is getting more and more competitive.
[With] closet indexing ... you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.Charlie Munger Munger Sayings By Charlie Munger: [With] closet indexing ... you're paying a manager a fortune and he has 85% of
If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.Charlie Munger Munger Sayings By Charlie Munger: If the same family were always on the bottom, then you'd have big resentments. But
A board member should be perfectly willing to leave at any time and willing to make the tough calls.Charlie Munger Munger Sayings By Charlie Munger: A board member should be perfectly willing to leave at any time and willing to
I did not succeed in life by intelligence. I succeeded because I have a long attention span.Charlie Munger Munger Sayings By Charlie Munger: I did not succeed in life by intelligence. I succeeded because I have a long
After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.Warren Buffett Munger Sayings By Warren Buffett: After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and
If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.Charlie Munger Munger Sayings By Charlie Munger: If we've been a little more successful than other people, is because we always realised
It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.Charlie Munger Munger Sayings By Charlie Munger: It's a finite and very competitive world. All large aggregations of capital eventually find it
We like our current shareholders and don't want to entice anyone to become one. It would help current shareholders to hear our CEOs [of the Berkshireoperating subsidiaries], but we promised them they could spend 100% of their time on their business. We place no impediments on them running their businesses. Many have expressed to me how happy they are that they don't have to spend 25% of time on activities they didn't like.Charlie Munger Munger Sayings By Charlie Munger: We like our current shareholders and don't want to entice anyone to become one. It
Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for derivatives] is just disgusting. It is a sewer, and if I'm right, there will be hell to pay in due course. All of you will have to prepare to deal with a blow-up of derivative books.Charlie Munger Munger Sayings By Charlie Munger: Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As
The idea of caring is that someone is making money faster [than you are] is one of the deadly sins. Envy is a really stupid sin because it's the only one you could never possibly have any fun at. There's a lot of pain and no fun. Why would you want to get on that trolley?Charlie Munger Munger Sayings By Charlie Munger: The idea of caring is that someone is making money faster [than you are] is
Investing is where you find a few great companies and then sit on your ass.Charlie Munger Munger Sayings By Charlie Munger: Investing is where you find a few great companies and then sit on your ass.
A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & BusinessCharlie Munger Munger Sayings By Charlie Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been so heavily involved in drafting financial disclosure documents now seen as bogus, there was a new "lawyer" joke every week. One such was: "The butcher says 'the reputation of lawyers has fallen dramatically', and the check-out clerk replies: "How do you fall dramatically off a pancake?Charlie Munger Munger Sayings By Charlie Munger: With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been
To finish first you have to first finish. Don't get in a position where you go back to go. What's interesting is that some guy whose grandfather was a lawyer and a judge-hurriedly going to Harvard Law with a wave of veterans-I was willing to go into so many different businesses. I was constantly going right into the other fellow's business and doing better than the other fellow did. The reason it was possible? Self-education- developing mental discipline, big ideas that really work.Charlie Munger Munger Sayings By Charlie Munger: To finish first you have to first finish. Don't get in a position where you
The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.Charlie Munger Munger Sayings By Charlie Munger: The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on
Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.Charlie Munger Munger Sayings By Charlie Munger: Some people seem to think there's no trouble just because it hasn't happened yet. If
It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and at h the crooks happily partying with your money while you're meeting margin calls. Why would you want to go within hailing distance of that?Charlie Munger Munger Sayings By Charlie Munger: It would be one of the most irritating experiences in the world to do a
See's candy company was the first high-quality business we ever bought.Charlie Munger Munger Sayings By Charlie Munger: See's candy company was the first high-quality business we ever bought.
Early Charlie Munger is a horrible career model for the young because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.Charlie Munger Munger Sayings By Charlie Munger: Early Charlie Munger is a horrible career model for the young because not enough was
A lot of opportunities in life tend to last a short while, due to some temporary inefficiency ... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.Charlie Munger Munger Sayings By Charlie Munger: A lot of opportunities in life tend to last a short while, due to some
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.Charlie Munger Munger Sayings By Charlie Munger: You must force yourself to consider opposing arguments. Especially when they challenge your best loved
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.Charlie Munger Munger Sayings By Charlie Munger: Over the very long term, history shows that the chances of any business surviving in
I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.Charlie Munger Munger Sayings By Charlie Munger: I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous
We don't like trading agony for moneyCharlie Munger Munger Sayings By Charlie Munger: We don't like trading agony for money
Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact. They become people of whom Philip Wylie observed: "You couldn't 't squeeze a dime between what they already know and what they will never learn."Charlie Munger Munger Sayings By Charlie Munger: Most people early achieve and later intensify a tendency to process new and disconfirming information
You can hire your advisor and then just apply a windage factor, like I used to do when I was a rifle shooter. I'd just adjust for so many miles an hour wind. Or you can learn the basic elements of your advisor's trade. You don't have to learn very much, by the way, because if you learn just a little then you can make him explain why he's right.Charlie Munger Munger Sayings By Charlie Munger: You can hire your advisor and then just apply a windage factor, like I used
I've adopted the guideline of Warren Buffett's partner, Charlie Munger, who says I wanna know where I'll be when I die - so I never go there.Tom Brokaw Munger Sayings By Tom Brokaw: I've adopted the guideline of Warren Buffett's partner, Charlie Munger, who says I wanna know
Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very bright, hardworking people. And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times.Charlie Munger Munger Sayings By Charlie Munger: Even bright people are going to have limited, really valuable insights in a very competitive
There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty.Charlie Munger Munger Sayings By Charlie Munger: There are exceptional loyalties and there are old fashion ideas about how you get loyalties,
Go to bed smarter than when you woke up.Charles T. Munger Munger Sayings By Charles T. Munger: Go to bed smarter than when you woke up.
I regard it as very unfair, but capitalism without failure is like religion without hell.Charlie Munger Munger Sayings By Charlie Munger: I regard it as very unfair, but capitalism without failure is like religion without hell.
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese womenCharlie Munger Munger Sayings By Charlie Munger: In investment management today, everybody wants not only to win, but to have a yearly
I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect", under current extreme conditions.. "wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be ... what has happened inJapan ... has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.Charlie Munger Munger Sayings By Charlie Munger: I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth
I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.Charlie Munger Munger Sayings By Charlie Munger: I've heard that one-half of the students at elite schools want to go into private
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.Charlie Munger Munger Sayings By Charlie Munger: The world of derivatives is full of holes that very few people are really aware
If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.Charlie Munger Munger Sayings By Charlie Munger: If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.Charlie Munger Munger Sayings By Charlie Munger: Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power,
Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.Charlie Munger Munger Sayings By Charlie Munger: Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably
When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.Charlie Munger Munger Sayings By Charlie Munger: When someone takes their existing business and tries to transform it into something else -
I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn't like we're all static in status. What's important is that pie grows.Charlie Munger Munger Sayings By Charlie Munger: I think the main figure that matters to all of us, including people in the
It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.Charlie Munger Munger Sayings By Charlie Munger: It takes almost no capital to open a new See's candy store. We're drowning in
There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly people in each department who don't see the big picture.Charlie Munger Munger Sayings By Charlie Munger: There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.Charlie Munger Munger Sayings By Charlie Munger: Understanding both the power of compound interest and the difficulty of getting it is the
Your life must focus on the maximization of objectivity.Charlie Munger Munger Sayings By Charlie Munger: Your life must focus on the maximization of objectivity.
Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.Charlie Munger Munger Sayings By Charlie Munger: Even if you assume that the whole economy would work better had we never had
Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end. (Laughter) I'm more optimistic about the staying power of what's good in this country. But just because you have a wonderful spouse doesn't mean you should treat her badly. You have the feeling that some of the old virtues [that made this country great] are lessening. But there's so much good and so much strength left that I would not expect this country to suddenly founder ...Charlie Munger Munger Sayings By Charlie Munger: Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So
Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.Charlie Munger Munger Sayings By Charlie Munger: Our experience tends to confirm a long-held notion that being prepared, on a few occasions
Being rational is a moral Imperative. You should never be stupider than you need to be.Charlie Munger Munger Sayings By Charlie Munger: Being rational is a moral Imperative. You should never be stupider than you need to
It's a good habit to trumpet your failures and be quiet about your successes.Charlie Munger Munger Sayings By Charlie Munger: It's a good habit to trumpet your failures and be quiet about your successes.
I think corporate managers should learn to be better investors because it would make them better managers.Charlie Munger Munger Sayings By Charlie Munger: I think corporate managers should learn to be better investors because it would make them
In fact I've probably never seen such a wide moat.Charlie Munger Munger Sayings By Charlie Munger: In fact I've probably never seen such a wide moat.
Economic systems work better when there's an extreme reliability ethos. And the traditional way to get a reliability ethos, at least in past generations in America, was through religion. The religions instilled guilt ... And this guilt, derived from religion, has been a huge driver of a reliability ethos, which has been very helpful to economic outcomes for man.Charlie Munger Munger Sayings By Charlie Munger: Economic systems work better when there's an extreme reliability ethos. And the traditional way to
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good idea. And indeed, it's proven to be an obviously good idea. Yet 98% of the investing world doesn't follow it. That's been good for us.Charlie Munger Munger Sayings By Charlie Munger: We believe that almost all really good investment records will involve relatively little diversification. The
People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.Charlie Munger Munger Sayings By Charlie Munger: People have always had this craving to have someone tell them the future. Long ago,
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.Charlie Munger Munger Sayings By Charlie Munger: In business we often find that the winning system goes almost ridiculously far in maximizing
Seeking Wisdom: From Darwin to MungerTimothy Ferriss Munger Sayings By Timothy Ferriss: Seeking Wisdom: From Darwin to Munger
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.Charlie Munger Munger Sayings By Charlie Munger: I don't spend much time regretting the past, once I've taken my lesson from it.
One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.Charlie Munger Munger Sayings By Charlie Munger: One metric catches people. We prefer businesses that drown in cash. An example of a
Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.Charlie Munger Munger Sayings By Charlie Munger: Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional
Opportunity comes to the prepared mind.Charlie Munger Munger Sayings By Charlie Munger: Opportunity comes to the prepared mind.