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Never, ever, think about something else when you should be thinking about the power of incentives.
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
Power
Ever
Something
Never
Think
Thinking
Incentives
Else
More quotes by Charlie Munger
We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.
Charlie Munger
You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.
Charlie Munger
It's dangerous to short stocks.
Charlie Munger
Almost all good businesses engage in 'pain today, gain tomorrow' activities.
Charlie Munger
A director who gets $150,000 per year from a company and needs the money is not independent.
Charlie Munger
The liabilities are always 100 percent good. It's the assets you have to worry about.
Charlie Munger
Avoid working directly under somebody you don't admire and don't want to be like.
Charlie Munger
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
If the value of a company doesn't just scream out at you, it's too close.
Charlie Munger
Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.... You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.
Charlie Munger
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.
Charlie Munger
Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.
Charlie Munger
If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.
Charlie Munger
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
The investment game is getting more and more competitive.
Charlie Munger
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.
Charlie Munger
I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
Charlie Munger
Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.
Charlie Munger
The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
Charlie Munger
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
