"If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands."
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Quote collection
Charlie Munger quotes (page 4 of 26)
517 quotes — follow a thought to its full quote page.
"Spend each day trying to be a little wiser than you were when you woke up."
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"The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor."
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"If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening."
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"Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities."
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"The safest way to get what you want is to deserve what you want."
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"All I want to know is where I’m going to die, so I’ll never go there"
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"You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert."
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"Go to bed smarter than when you woke up."
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"The only way to win is to work, work, work, work, and hope to have a few insights"
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"The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated."
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"In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell."
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"I don't have the slightest interest in gold. I like understanding what works and what doesn't in human systems. To me that's not optional; that's a moral obligation. If you're capable of understanding the world, you have a moral obligation to become rational. And I don't see how you become rational hoarding gold. Even if it works, you're a jerk."
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"The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones.""
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"Investing is where you find a few great companies and then sit on your ass."
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"It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities."
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"It’s not greed that drives the world, but envy."
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"Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime."
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"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."
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"How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it."
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