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Charlie Munger Quotes

The reason we avoid the word ‘synergy’ is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises.Berkshire is full of synergies - we don’t avoid synergies, just claims of synergies Picture Quote #1

Financial institutions make us nervous when they’re trying to do well Picture Quote #1

Since mistakes of omission don’t appear in the financial statements, most people don’t pay attention to them. We rub our noses in mistakes of omission - as we just did Picture Quote #1

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance Picture Quote #1

I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn’t think this way Picture Quote #1

The ethos of not fooling yourself is one of the best you could possibly have. It’s powerful because it’s so rare Picture Quote #1

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I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that’s a very stupid way to solve an energy problem Picture Quote #1

The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you’re going to be a great stock picker, you need some general education Picture Quote #1

I feel that by getting rich in the way I did, I think my own example has hurt my own country Picture Quote #1

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 Picture Quote #1

This is a good life lesson: getting the right people into your system is the most important thing you can do Picture Quote #1

Berkshireis not as good as it was in terms of percentage compounding [going forward], but it’s still a hell of a business Picture Quote #1

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If you want good behavior, don’t pay on a commission basis. Our judges aren’t paid so much a case. We keep them pretty well isolated with a fixed salary. Judges in this whole thing have come out pretty well - there have been relatively few scandals Picture Quote #1

I’m a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead Picture Quote #1

I think you’ll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation Picture Quote #1

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits Picture Quote #1

Why would you want to invest with a guy whose thought process says, If a second layer of fees is good, then let’s add a third layer Picture Quote #1

Berkshire’s past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five times its current size Picture Quote #1

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Look at those hedge funds - you think they can wait? They don’t know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, ‘The big money is not in the buying and selling...but in the waiting.’ Picture Quote #1

The hedge fund known as Long Term Capital Management collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.’s of its principals that must have averaged 160. Smart people aren’t exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods Picture Quote #1

Great investing requires a lot of delayed gratification Picture Quote #1

In fact I’ve probably never seen such a wide moat Picture Quote #1

A business model that relies on trickery is doomed to fail Picture Quote #1

The big money is not in the buying and selling... but in the waiting Picture Quote #1

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It’s not a competency if you don’t know the edge of it Picture Quote #1

Someone will always be getting richer faster than you. This is not a tragedy Picture Quote #1

Forgetting your mistakes is a terrible error if you are trying to improve your cognition Picture Quote #1

Investing is where you find a few great companies and then sit on your ass Picture Quote #1

There must be some wisdom in the folk saying: Its the strong swimmers who drown Picture Quote #1

Determine value apart from price; progress apart from activity; wealth apart from size Picture Quote #1

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Friendship Quotes

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Text Quotes

The reason we avoid the word ‘synergy’ is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises.Berkshire is full of synergies - we don’t avoid synergies, just claims of synergies. (Charlie Munger Quotes) Financial institutions make us nervous when they’re trying to do well (Charlie Munger Quotes) Since mistakes of omission don’t appear in the financial statements, most people don’t pay attention to them. We rub our noses in mistakes of omission - as we just did. (Charlie Munger Quotes) The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance. (Charlie Munger Quotes) I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn’t think this way. (Charlie Munger Quotes) 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 Quotes) I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that’s a very stupid way to solve an energy problem. (Charlie Munger Quotes) The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you’re going to be a great stock picker, you need some general education. (Charlie Munger Quotes) I feel that by getting rich in the way I did, I think my own example has hurt my own country (Charlie Munger Quotes) 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. (Charlie Munger Quotes) This is a good life lesson: getting the right people into your system is the most important thing you can do. (Charlie Munger Quotes) Berkshireis not as good as it was in terms of percentage compounding [going forward], but it’s still a hell of a business. (Charlie Munger Quotes) If you want good behavior, don’t pay on a commission basis. Our judges aren’t paid so much a case. We keep them pretty well isolated with a fixed salary. Judges in this whole thing have come out pretty well - there have been relatively few scandals. (Charlie Munger Quotes) I’m a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead. (Charlie Munger Quotes) I think you’ll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation. (Charlie Munger Quotes) Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits. (Charlie Munger Quotes) Why would you want to invest with a guy whose thought process says, If a second layer of fees is good, then let’s add a third layer. (Charlie Munger Quotes) Berkshire’s past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five times its current size. (Charlie Munger Quotes) Look at those hedge funds - you think they can wait? They don’t know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, ‘The big money is not in the buying and selling...but in the waiting.’ (Charlie Munger Quotes) The hedge fund known as Long Term Capital Management collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.’s of its principals that must have averaged 160. Smart people aren’t exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods. (Charlie Munger Quotes) Great investing requires a lot of delayed gratification (Charlie Munger Quotes) In fact I’ve probably never seen such a wide moat (Charlie Munger Quotes) A business model that relies on trickery is doomed to fail (Charlie Munger Quotes) The big money is not in the buying and selling... but in the waiting (Charlie Munger Quotes) It’s not a competency if you don’t know the edge of it (Charlie Munger Quotes) Someone will always be getting richer faster than you. This is not a tragedy (Charlie Munger Quotes) Forgetting your mistakes is a terrible error if you are trying to improve your cognition (Charlie Munger Quotes) Investing is where you find a few great companies and then sit on your ass (Charlie Munger Quotes) There must be some wisdom in the folk saying: Its the strong swimmers who drown (Charlie Munger Quotes) Determine value apart from price; progress apart from activity; wealth apart from size (Charlie Munger Quotes)

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