"The liabilities are always 100 percent good. It's the assets you have to worry about."
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Quote collection
Charlie Munger quotes (page 23 of 26)
517 quotes — follow a thought to its full quote page.
"After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions."
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"A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it."
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"If you have the opportunities of Berkshire, an investment in gold is dumb."
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"To atone, I teach and try to set an example... I love spreading this stuff around. Just because it's trite doesn't mean it isn't right. In fact, I like to say, 'If it's trite, it's right.'"
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"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."
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"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.""
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"The investment game is getting more and more competitive."
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"Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view."
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"The laws of thermodynamic s are such that if the water is getting warmer - and I believe it is - the energy of the weather is going to go up."
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"Wall Street has too much wealth and political power."
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"I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off."
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"As I continued through Cicero's pages, I found much more material celebrating my way of life."
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"How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology."
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"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."
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"It's dishonourable to stay stupider than you need to be"
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"Financial institutions make us nervous when they're trying to do well."
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"Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then let's add a third layer."
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"We don't have any miraculous way of avoiding taxes at Wesco and Berkshire."
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""[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator.""
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