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If the value of a company doesn't just scream out at you, it's too close.
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
Scream
Close
Value
Company
Values
Doesn
More quotes by 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.
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
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It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
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While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.
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We have a high moral responsibility to be rational
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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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We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.
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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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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
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The safest way to get what you want is to deserve what you want.
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If you can get good at destroying your own wrong ideas, that is a great gift.
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I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
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Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, Now it has to work. If I put in just a little more, then it will work.
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It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.
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Avoid working directly under somebody you don't admire and don't want to be like.
Charlie Munger
We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.
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Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
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Great investing requires a lot of delayed gratification.
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[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.
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