"I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting."
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Quote collection
Charlie Munger quotes (page 14 of 26)
517 quotes — follow a thought to its full quote page.
"Avoid working directly under somebody you don't admire and don't want to be like."
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"Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool."
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"I call myself the assistant cult leader."
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"Those who keep learning, will keep rising in life"
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"To the man with only a hammer, every problem looks like a nail."
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"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."
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"The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much."
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"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."
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"If it is wisdom you're after, you're going to spend a lot of time on your ass reading."
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"I'd rather throw a viper down my shirt front than hire a compensation consultant."
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"Whoever makes you smarter a little earlier in life makes you better"
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"Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?"
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"I regard it as very unfair, but capitalism without failure is like religion without hell."
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"Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, 'The big money is not in the buying and selling...but in the waiting.'"
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"I think we have some special talents. That being said, I think it's dangerous to rely on special talents - it's better to own lots of monopolistic businesses with unregulated prices. But that's not the world today. We have made money exercising our talents and will continue to do so."
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"There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back."
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"Is there such thing as a cheerful pessimist? That's what I am."
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"I constantly see people rise in life who are not the smartest - sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And, boy, does that habit help, particularly when you have a long run ahead of you."
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"We have found in a long life that one competitor is frequently enough to ruin a business."
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