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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
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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
People
Sitting
Hydrogen
Full
Oxygen
Waiting
Flame
Littles
Flames
Little
Corner
Really
Holes
Like
Corners
World
Aware
Derivatives
More quotes by Charlie Munger
Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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We have the same problem as everyone else: It's very hard to predict the future.
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We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.
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A director who gets $150,000 per year from a company and needs the money is not independent.
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One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely
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Mimicking the herd invites regression to the mean.
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I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.
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We have a high moral responsibility to be rational
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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.
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So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
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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.
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If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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