Charlie Munger Quotes About Culture

Quotes about: Culture

• Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.

  Charlie Munger

  Enron Scandal, Civilization, Long

• For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.

  Charlie Munger

  Running, Culture, Conservatism

• I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.

  Charlie Munger

  Running, Thinking, People

• I agree with Peter Drucker that the culture and legal systems of the United Statesare especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.

  Charlie Munger

  Country, Priorities, Culture

• The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test.

  Charlie Munger

  Years, Bankers, Culture

• We don't claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won't do them. Currently, there's a culture in Americathat says that anything that won't send you to prison is OK.

  Charlie Munger

  Perfect, Culture, Moral

  Charlie Munger's comments on Berkshire Hathaway at the 2004 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. May 1, 2004.

• The old culture had come out of poverty, out of English customs.

  Charlie Munger

  Culture, Poverty, Old Culture

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