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Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.

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
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More quotes by Charlie Munger

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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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I don't want to understand Facebook.
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Understanding how to be a good investor makes you a better business manager and vice versa.
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Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
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Just keep your head down and do your best.
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If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.
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Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
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When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'
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Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
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The old culture had come out of poverty, out of English customs.
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We have a history when things are really horrible of wading in when no one else will.
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Go to bed smarter than when you woke up.
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Acknowledging what you don't know is the dawning of wisdom.
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Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.
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Trying to prioritize among things we're unlikely to do is pretty fruitless.
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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.
Charlie Munger
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Your life must focus on the maximization of objectivity.
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Is there such thing as a cheerful pessimist? That's what I am.
Charlie Munger
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If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
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Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
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