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Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.

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
Think
Bulls
Thinking
Ducks
World
Markets
People
Heads
Downpour
Dues
Pond
Rising
Ponds
Start
Bull
Going
Duck

More quotes by Charlie Munger

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Financial institutions make us nervous when they're trying to do well.
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Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
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Hard work, honesty, if you keep at it, will get you almost anything.
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn't think this way.
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Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
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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.
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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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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.
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
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Knowing what you don't know is more useful than being brilliant.
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Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
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The old culture had come out of poverty, out of English customs.
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The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
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Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt Munger's Rule. However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.
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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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We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
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I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn't like we're all static in status. What's important is that pie grows.
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Understanding how to be a good investor makes you a better business manager and vice versa.
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If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to train yourself out of it.
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