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I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.

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
Reality
Even
Think
Thinking
Investing
Like
Recognize
Indeed
Especially
Doesn

More quotes by Charlie Munger

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The laws of thermodynamic s are such that if the water is getting warmer - and I believe it is - the energy of the weather is going to go up.
Charlie Munger
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Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
Charlie Munger
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People always underestimate the ability of earth to increase its carrying capacity.
Charlie Munger
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The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].
Charlie Munger
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We have the same problem as everyone else: It's very hard to predict the future.
Charlie Munger
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Financial institutions make us nervous when they're trying to do well.
Charlie Munger
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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
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In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.
Charlie Munger
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A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
Charlie Munger
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
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Great investing requires a lot of delayed gratification.
Charlie Munger
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It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
Charlie Munger
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie Munger
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Is there such thing as a cheerful pessimist? That's what I am.
Charlie Munger
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If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.
Charlie Munger
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I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
Charlie Munger
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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.
Charlie Munger
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We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.
Charlie Munger
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Your life must focus on the maximization of objectivity.
Charlie Munger
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
Charlie Munger