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Charlie Munger Quotes

If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change Picture Quote #1

I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah Picture Quote #1

Accounting incomes were reduced by discrepancy [ but] the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind Picture Quote #1

...I’m very pleased when the smartest people come [to the U.S.] and almost never pleased when the very bottom of the mental barrel comes in Picture Quote #1

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power Picture Quote #1

Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history’s great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time Picture Quote #1

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Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it Picture Quote #1

See’s candy company was the first high-quality business we ever bought Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

Once you get into debt, it’s hell to get out. Don’t let credit card debt carry over. You can’t get ahead paying eighteen percent Picture Quote #1

People always underestimate the ability of earth to increase its carrying capacity Picture Quote #1

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As I continued through Cicero’s pages, I found much more material celebrating my way of life Picture Quote #1

...If you take sales presentations and brokers of commercial real estate and businesses... I’m 70 years old, I’ve never seen one I thought was even within hailing distance of objective truth.... ‘incentive-caused bias,’ causes this terrible abuse. And many of the people who are doing it you would be glad to have married into your family compared to what you’re otherwise going to get Picture Quote #1

We may well have a competitive advantage buying decent businesses at decent prices. But they won’t be fabulous businesses and fabulous prices. There’s too much competition and money out there, with many buyout specialists Picture Quote #1

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 Picture Quote #1

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another Picture Quote #1

In my life there are not that many questions I can’t properly deal with using my $40 adding machine and dog-eared compound interest table Picture Quote #1

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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That’s not at all common in Corporate America, but that’s the way we act Picture Quote #1

If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands Picture Quote #1

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 Picture Quote #1

What’s the best way to get a good spouse? The best single way is to deserve a good spouse because a good spouse is by definition not nuts Picture Quote #1

In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about safety. They let it balloon and balloon and balloon. It’s aided by false accounting Picture Quote #1

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life? Picture Quote #1

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Strategic plans cause more dumb decisions than anything else in America Picture Quote #1

I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it Picture Quote #1

We only want what success we can get despite encouraging others to share our general views about reality Picture Quote #1

The interesting thing is the field is so big - it’s enormous. One thing a modern civilization needs is energy Picture Quote #1

Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting Picture Quote #1

It’s been my experience in life if you just keep thinking and reading, you don’t have to work Picture Quote #1

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Friendship Quotes

Motivational Quotes

Inspirational Quotes

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Text Quotes

If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change. (Charlie Munger Quotes) I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah. (Charlie Munger Quotes) Accounting incomes were reduced by discrepancy [ but] the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind. (Charlie Munger Quotes) ...I’m very pleased when the smartest people come [to the U.S.] and almost never pleased when the very bottom of the mental barrel comes in.... (Charlie Munger Quotes) What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power. (Charlie Munger Quotes) Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history’s great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time. (Charlie Munger Quotes) Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it. (Charlie Munger Quotes) See’s candy company was the first high-quality business we ever bought (Charlie Munger Quotes) 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 Quotes) 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 Quotes) Once you get into debt, it’s hell to get out. Don’t let credit card debt carry over. You can’t get ahead paying eighteen percent. (Charlie Munger Quotes) People always underestimate the ability of earth to increase its carrying capacity (Charlie Munger Quotes) As I continued through Cicero’s pages, I found much more material celebrating my way of life ... (Charlie Munger Quotes) ...If you take sales presentations and brokers of commercial real estate and businesses... I’m 70 years old, I’ve never seen one I thought was even within hailing distance of objective truth.... ‘incentive-caused bias,’ causes this terrible abuse. And many of the people who are doing it you would be glad to have married into your family compared to what you’re otherwise going to get.... (Charlie Munger Quotes) We may well have a competitive advantage buying decent businesses at decent prices. But they won’t be fabulous businesses and fabulous prices. There’s too much competition and money out there, with many buyout specialists. (Charlie Munger Quotes) 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 Quotes) A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another. (Charlie Munger Quotes) In my life there are not that many questions I can’t properly deal with using my $40 adding machine and dog-eared compound interest table. (Charlie Munger Quotes) Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That’s not at all common in Corporate America, but that’s the way we act. (Charlie Munger Quotes) If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands. (Charlie Munger Quotes) 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 Quotes) What’s the best way to get a good spouse? The best single way is to deserve a good spouse because a good spouse is by definition not nuts. (Charlie Munger Quotes) In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about safety. They let it balloon and balloon and balloon. It’s aided by false accounting. (Charlie Munger Quotes) Why should it be easy to do something that, if done well, two or three times, will make your family rich for life? (Charlie Munger Quotes) Strategic plans cause more dumb decisions than anything else in America (Charlie Munger Quotes) 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 Quotes) We only want what success we can get despite encouraging others to share our general views about reality. (Charlie Munger Quotes) The interesting thing is the field is so big - it’s enormous. One thing a modern civilization needs is energy. (Charlie Munger Quotes) Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting. (Charlie Munger Quotes) It’s been my experience in life if you just keep thinking and reading, you don’t have to work. (Charlie Munger Quotes)

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