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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
Think
Thinking
Incentives
Else
Power
Ever
Something
Never
More quotes by 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
I don't want to understand Facebook.
Charlie Munger
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
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
You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert.
Charlie Munger
Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
Charlie Munger
People always underestimate the ability of earth to increase its carrying capacity.
Charlie Munger
If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
Charlie Munger
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
Charlie Munger
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie Munger
If only I had the influence with my wife and children that I have in some other quarters!
Charlie Munger
It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of the company. It's very hard to accumulate major positions.
Charlie Munger
A director who gets $150,000 per year from a company and needs the money is not independent.
Charlie Munger
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
Charlie Munger
Just keep your head down and do your best.
Charlie Munger
Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
Charlie Munger
Being rational is a moral Imperative. You should never be stupider than you need to be.
Charlie Munger
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
We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
Charlie Munger
Hard work, honesty, if you keep at it, will get you almost anything.
Charlie Munger