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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
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
Really
Life
Assume
Assuming
Handle
Answer
Tough
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More quotes by Charlie Munger
A great business at a fair price is superior to a fair business at a great price.
Charlie Munger
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.
Charlie Munger
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
Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
Charlie Munger
Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.
Charlie Munger
We have the same problem as everyone else: It's very hard to predict the future.
Charlie Munger
You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.
Charlie Munger
The investment game is getting more and more competitive.
Charlie Munger
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
Charlie Munger
I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person's brain because it understands the most fundamental models- ones that will do most work per unit.
Charlie Munger
When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.
Charlie Munger
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
After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
Charlie Munger
We have found in a long life that one competitor is frequently enough to ruin a business.
Charlie Munger
In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.
Charlie Munger
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
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
Charlie Munger
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
Charlie Munger
We have a passion for keeping things simple.
Charlie Munger
We have a history when things are really horrible of wading in when no one else will.
Charlie Munger
