"I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do."
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Quote collection
Charlie Munger quotes (page 3 of 26)
517 quotes — follow a thought to its full quote page.
"A great business at a fair price is superior to a fair business at a great price."
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"It's a good habit to trumpet your failures and be quiet about your successes."
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"Hard work, honesty, if you keep at it, will get you almost anything."
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"Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks."
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"Someone will always be getting richer faster than you. This is not a tragedy."
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"I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn."
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"I'm right, and you're smart, and sooner or later you'll see I'm right."
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"Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy."
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"Step by step you get ahead, but rarely in fast spurts."
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"If you don't allow for self-serving bias in the conduct of others, you are, again, a fool."
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"The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple."
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"You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here."
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"You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have the cast of mind, you're destined for failure even if you have a high I.Q."
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"I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it."
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"The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage."
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"I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person's brain because it understands the most fundamental models- ones that will do most work per unit."
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"It's been my experience in life if you just keep thinking and reading, you don't have to work."
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"Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically."
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"The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is."
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