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I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.

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
States
Reached
Better
Opposition
Think
Argument
Thinking
Unless
People
Position
Opinion
Arguments
State
Qualified
Speak
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More quotes by Charlie Munger

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We don't like trading agony for money
Charlie Munger
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Spend each day trying to be a little wiser than you were when you woke up.
Charlie Munger
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie Munger
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We don't claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won't do them. Currently, there's a culture in Americathat says that anything that won't send you to prison is OK.
Charlie Munger
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It's not a competency if you don't know the edge of it.
Charlie Munger
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To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
Charlie Munger
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I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.
Charlie Munger
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
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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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
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Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
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...being an effective teacher is a high calling.
Charlie Munger
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The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.
Charlie Munger
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It's dangerous to short stocks.
Charlie Munger
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You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.
Charlie Munger
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I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.
Charlie Munger
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It's a rare business that doesn't have a way worse future than it has a past.
Charlie Munger
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
Charlie Munger
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Intelligent people make decisions based on opportunity costs.
Charlie Munger