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The liabilities are always 100 percent good. It's the assets you have to worry about.
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
Assets
Percent
Worry
Good
Always
Liabilities
Liability
More quotes by Charlie Munger
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking whether youve passed the boundary is a question that almost answers itself.
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
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We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
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A lot of our respected financial institutions are just casinos in drag.
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We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.
Charlie Munger
For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great thinker.
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
Charlie Munger
Beta and modern portfolio theory and the like - none of it makes any sense to me.
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We have the same problem as everyone else: It's very hard to predict the future.
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Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.
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Mimicking the herd invites regression to the mean.
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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.
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We want very good leaders who have a lot of power.
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In fact I've probably never seen such a wide moat.
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Strategic plans cause more dumb decisions than anything else in America.
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We don't like trading agony for money
Charlie Munger
One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.
Charlie Munger
