"This is a good life lesson: getting the right people into your system is the most important thing you can do."
Read quote
9 likes
Quote collection
Charlie Munger quotes (page 18 of 26)
517 quotes — follow a thought to its full quote page.
"I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to realize they have a duty to the rest of us to act as exemplars... You do not want your first-grade school teacher to be fornicating on the floor or drinking booze in the classroom; similarly you do not want your stock exchange to be setting the wrong moral example."
Read quote
9 likes
"We look for a horse with one chance in two of winning and which pays you three to one."
Read quote
9 likes
"The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?"
Read quote
9 likes
"Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that."
Read quote
9 likes
"...by regularly reading business newspaper and magazines I am exposed to an enormous amount of material at the micro level.. I find that what I see going on there pretty much informs me about what's happening at the macro level."
Read quote
9 likes
"There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, " What good is health? You can't buy money with it.""
Read quote
9 likes
"We have a passion for keeping things simple."
Read quote
9 likes
"If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to train yourself out of it."
Read quote
9 likes
"Even in pure mathematics they can't remove all paradox, and the rest of us should also recognize we are going to have to endure a lot of paradox, like it or not."
Read quote
9 likes
"Expect hogs to eat a lot more in the presence of a lot of hog wash."
Read quote
9 likes
"The way to win is to work, work, work, work and hope to have a few insights And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple."
Read quote
9 likes
"I think there's something to be said for developing the disposition to own stocks without fretting."
Read quote
9 likes
"[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."
Read quote
9 likes
"If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then, we had just come out of a depression. Capitalism was a bad word. There had been abuses in the 1920s. A joke going around then was the guy who said, 'I bought stock for my old age and it worked - in six months, I feel like an old man!' "It's tougher for you, but that doesn't mean you won't do well - it just may take more time. But what the heck, you may live longer.""
Read quote
9 likes
"Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this."
Read quote
9 likes
"The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning."
Read quote
9 likes
"The only intelligence investing is value investing...to acquire more than one is paying for."
Read quote
9 likes
"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."
Read quote
9 likes
"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."
Read quote
9 likes