Charlie Munger Quotes - Page 5

Quotes about:

• 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.

  Charlie Munger

  Graduation, Knows

  22 Copy quote

• 'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

  Charlie Munger

  Men, Thinking, Practice

  "Charlie Munger: The Complete Investor". Book by Tren Griffin, September 15, 2015.

  18 Copy quote

• We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good idea. And indeed, it's proven to be an obviously good idea. Yet 98% of the investing world doesn't follow it. That's been good for us.

  Charlie Munger

  Believe, Ideas, Insightful

  16 Copy quote

• Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

  Charlie Munger

  Two, Three, Done

  13 Copy quote

• There's no way that you can live an adequate life without making many mistakes.

  Charlie Munger

  Mistake, Adequate, Way

  12 Copy quote

• All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

  Charlie Munger

  Intelligent, Order, Investing

  17 Copy quote

• There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

  Charlie Munger

  Sitting, Investing, Cash

  13 Copy quote

• 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.

  Charlie Munger

  Moving, Ideas, Numbers

  19 Copy quote

• To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.

  Charlie Munger

  People, Investing, Winner

  15 Copy quote

• The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.

  Charlie Munger

  Going Away, Doe, Deterioration

  10 Copy quote

• One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.

  Charlie Munger

  Pain, Sea, Interesting

  11 Copy quote

• The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

  Charlie Munger

  Powerful, Ethos, Fooling Yourself

  13 Copy quote

• We have a high moral responsibility to be rational

  Charlie Munger

  Responsibility, Moral, Rational

  15 Copy quote

• Warren spends 70 hours a week thinking about investing .

  Charlie Munger

  Thinking, Investing, Week

  14 Copy quote

• Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, "Now it has to work. If I put in just a little more, then it will work."

  Charlie Munger

  Commitment, Thinking, People

  "Business: What Lawyers Should Know". Charlie Munger's lecture to the students at the Stanford Law School in Stanford, California, March 13, 1998.

  12 Copy quote

• Someone will always be getting richer faster than you. This is not a tragedy.

  Charlie Munger

  Tragedy, Wealth, Faster

  21 Copy quote

• When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.

  Charlie Munger

  People, Bananas, Shortage

  10 Copy quote

• In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

  Charlie Munger

  Horse, World, Due Diligence

  18 Copy quote

• If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.

  Charlie Munger

  Reading, Ideas, Habit

  12 Copy quote

• The only way to win is to work, work, work, work, and hope to have a few insights

  Charlie Munger

  Winning, Way, Insight

  18 Copy quote

• We have found in a long life that one competitor is frequently enough to ruin a business.

  Charlie Munger

  Long, Ruins, Enough

  12 Copy quote

• I constantly see people rise in life who are not the smartest - sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And, boy, does that habit help, particularly when you have a long run ahead of you.

  Charlie Munger

  Running, Boys, Night

  Commencement speech at the graduation ceremony for the USC Gould School of Law, genius.com. 2007.

  11 Copy quote

• 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.

  Charlie Munger

  Believe, Law, Weather

  10 Copy quote

• We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.

  Charlie Munger

  Loss, Years, Nuts

  Charlie Munger's comments on risk at the 2001 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. April 28, 2001.

  27 Copy quote

• I'd rather throw a viper down my shirt front than hire a compensation consultant.

  Charlie Munger

  Vipers, Shirts, Compensation

  "Charlie Munger: The Complete Investor". Book by Tren Griffin, September 15, 2015.

  11 Copy quote

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