Charlie Munger Quotes

Charlie Munger Quotes: If you have the opportunities of Berkshire, an investment in gold is dumb.
If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
As I continued through Cicero's pages, I found much more material celebrating my way of life ...
Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a really good idea. You must avoid the nonsense that is conventional in one's own time. It requires developing systems of thought that improve your batting average over time.
I get flack for saying [when I visit a college and give a speech],
I think corporate managers should learn to be better investors because it would make them better managers.
...I'm very pleased when the smartest people come [to the U.S.] and almost never pleased when the very bottom of the mental barrel comes in....
If you rise in life, you have to behave in a certain way. You can go to a strip club if you're a beer-swilling sand shoveler, but if you're the Bishop of Boston, you shouldn't go.
Investing is where you find a few great companies and then sit on your ass.
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.
Failure to handle psychological denial is a common way for people to go broke. You've made an enormous commitment to something.You've poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think.
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.
Any time anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt
Almost all good businesses engage in 'pain today,  gain tomorrow'  activities.
I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.