Charlie Munger Quotes About Physics

Quotes about: Physics

• It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.

  Charlie Munger

  Men, Brain, Income

  Charlie Munger's comments on money managers at the 2001 Wesco Financial Annual Meeting, www.tilsonfunds.com. May 2, 2001.

• I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

  Charlie Munger

  Strong, Creating, Worry

  Charlie Munger's speech at the Breakfast Meeting of the Philanthropy Roundtable in Washington, D.C., November 10, 2000.

• I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.

  Charlie Munger

  Party, Thinking, Ideas

• So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

  Charlie Munger

  Ethos, Physics, Economics

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