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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.

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
Chance
Slim
History
Agreeable
Business
Surviving
Shows
Chances
Best
Owners
Long
Manner
Company
Term

More quotes by Charlie Munger

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We have found in a long life that one competitor is frequently enough to ruin a business.
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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Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.
Charlie Munger
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
Charlie Munger
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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.
Charlie Munger
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The tax code gives you an enormous advantage if you can find some things you can just sit with.
Charlie Munger
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
Charlie Munger
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Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.
Charlie Munger
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A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.
Charlie Munger
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The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie Munger
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Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
Charlie Munger
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I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.
Charlie Munger
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The safest way to get what you want is to deserve what you want.
Charlie Munger
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The first chance you have to avoid a loss from a foolish loan is by refusing to make it there is no second chance.
Charlie Munger
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If only I had the influence with my wife and children that I have in some other quarters!
Charlie Munger
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I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
Charlie Munger
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I feel that by getting rich in the way I did, I think my own example has hurt my own country.
Charlie Munger
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In fact I've probably never seen such a wide moat.
Charlie Munger
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Our biggest mistakes, were things we didn't do, companies we didn't buy.
Charlie Munger
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Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.
Charlie Munger