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Charlie Munger Quotes

Economics is in many respects the queen of the soft sciences. It’s expected to be better than the rest. It’s my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it’s also my view that it’s still lousy Picture Quote #1

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer Picture Quote #1

When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’ Picture Quote #1

You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing Picture Quote #1

I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well Picture Quote #1

You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems Picture Quote #1

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I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they’d say, ‘Well, old Charlie was out in the field playing the big brass tuba on the day it rained gold.’ A lot of people have become rich lately who were playing the tuba on the day it rained gold Picture Quote #1

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management and Business Picture Quote #1

Organized common (or uncommon) sense -- very basic knowledge -- is an enormously powerful tool. There are huge dangers with computers. People calculate too much and think too little Picture Quote #1

Being rational is a moral Imperative. You should never be stupider than you need to be Picture Quote #1

Wells Fargo behaves better than the average big bank. But nobody’s perfect Picture Quote #1

They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they’re probably more successful than charter schools Picture Quote #1

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Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make predictions regarding human behavior. We stuck to the basics with a certain amount of discipline and it has worked out quite well Picture Quote #1

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 Picture Quote #1

...all man’s desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace Picture Quote #1

It would be easier to screw up American Express than Coke or Gillette, but it’s an immensely strong business Picture Quote #1

I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge Picture Quote #1

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won Picture Quote #1

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The liabilities are always 100 percent good. It’s the assets you have to worry about Picture Quote #1

In the LBO field there is a buried covariance with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense Picture Quote #1

Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance Picture Quote #1

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time Picture Quote #1

If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom Picture Quote #1

The basic concept of value to a private owner and being motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum - I don’t think that will ever be outdated Picture Quote #1

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[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 Picture Quote #1

Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don’t clutter yourself Picture Quote #1

Being short and seeing a promoter take the stock up is very irritating. It’s not worth it to have that much irritation in your life Picture Quote #1

Ben Franklin and Samuel Johnson, he credits their wisdom for his success. They were both utterly brilliant men. And powerful communicators. Both have helped me all the way through life. Their lessons are easy to assimilate Picture Quote #1

If you can buy the best companies, over time the pricing takes care of itself Picture Quote #1

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 Picture Quote #1

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Friendship Quotes

Motivational Quotes

Inspirational Quotes

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Text Quotes

Economics is in many respects the queen of the soft sciences. It’s expected to be better than the rest. It’s my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it’s also my view that it’s still lousy (Charlie Munger Quotes) Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer (Charlie Munger Quotes) When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’ (Charlie Munger Quotes) You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing (Charlie Munger Quotes) I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well (Charlie Munger Quotes) You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems (Charlie Munger Quotes) I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they’d say, ‘Well, old Charlie was out in the field playing the big brass tuba on the day it rained gold.’ A lot of people have become rich lately who were playing the tuba on the day it rained gold (Charlie Munger Quotes) A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management and Business (Charlie Munger Quotes) Organized common (or uncommon) sense -- very basic knowledge -- is an enormously powerful tool. There are huge dangers with computers. People calculate too much and think too little (Charlie Munger Quotes) Being rational is a moral Imperative. You should never be stupider than you need to be (Charlie Munger Quotes) Wells Fargo behaves better than the average big bank. But nobody’s perfect (Charlie Munger Quotes) They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they’re probably more successful than charter schools (Charlie Munger Quotes) Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make predictions regarding human behavior. We stuck to the basics with a certain amount of discipline and it has worked out quite well (Charlie Munger Quotes) 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 Quotes) ...all man’s desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace (Charlie Munger Quotes) It would be easier to screw up American Express than Coke or Gillette, but it’s an immensely strong business. (Charlie Munger Quotes) I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge. (Charlie Munger Quotes) Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won. (Charlie Munger Quotes) The liabilities are always 100 percent good. It’s the assets you have to worry about. (Charlie Munger Quotes) In the LBO field there is a buried covariance with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense. (Charlie Munger Quotes) Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance. (Charlie Munger Quotes) Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time. (Charlie Munger Quotes) If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom. (Charlie Munger Quotes) The basic concept of value to a private owner and being motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum - I don’t think that will ever be outdated. (Charlie Munger Quotes) [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 Quotes) Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don’t clutter yourself. (Charlie Munger Quotes) Being short and seeing a promoter take the stock up is very irritating. It’s not worth it to have that much irritation in your life. (Charlie Munger Quotes) Ben Franklin and Samuel Johnson, he credits their wisdom for his success. They were both utterly brilliant men. And powerful communicators. Both have helped me all the way through life. Their lessons are easy to assimilate. (Charlie Munger Quotes) If you can buy the best companies, over time the pricing takes care of itself (Charlie Munger Quotes) 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 Quotes)

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