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Great investing requires a lot of delayed gratification.

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
Delayed
Gratification
Investing
Requires
Great

More quotes by Charlie Munger

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In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
Charlie Munger
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If the value of a company doesn't just scream out at you, it's too close.
Charlie Munger
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Let me know what your problem is, and I will try to make it more difficult for you.
Charlie Munger
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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.
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Warren spends 70 hours a week thinking about investing .
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The safest way to get what you want is to deserve what you want.
Charlie Munger
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A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
Charlie Munger
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I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.
Charlie Munger
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A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
Charlie Munger
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It's dangerous to short stocks.
Charlie Munger
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A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.
Charlie Munger
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It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.
Charlie Munger
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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
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
Charlie Munger
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
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If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Charlie Munger
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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
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In fact I've probably never seen such a wide moat.
Charlie Munger
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Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
Charlie Munger
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I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.
Charlie Munger