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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
Charlie Munger
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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
World
Damn
Intelligent
Jobs
Keep
Find
Thing
Every
Things
Investing
More quotes by Charlie Munger
The tax code gives you an enormous advantage if you can find some things you can just sit with.
Charlie Munger
We try more to profit from always remembering the obvious than from grasping the esoteric.
Charlie Munger
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
Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
Charlie Munger
It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.
Charlie Munger
[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
Charlie Munger
Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.... You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.
Charlie Munger
Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
Charlie Munger
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
Charlie Munger
Beta and modern portfolio theory and the like - none of it makes any sense to me.
Charlie Munger
Your life must focus on the maximization of objectivity.
Charlie Munger
Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.
Charlie Munger
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie Munger
Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.
Charlie Munger
It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.
Charlie Munger
Intense interest in any subject is indispensable if you're really going to excel in it.
Charlie Munger
We don't like trading agony for money
Charlie Munger
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
Trying to prioritize among things we're unlikely to do is pretty fruitless.
Charlie Munger
Knowing what you don't know is more useful than being brilliant.
Charlie Munger
