Quote

A great business at a fair price is superior to a fair business at a great price.

Charlie Munger

Change background

T
T
T

Change font

TAGS & TOPICS

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
Price
Fair
Business
Great
Superior
Superiors
Fairs

More quotes by Charlie Munger

Image
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
Image
In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.
Charlie Munger
Image
Trying to prioritize among things we're unlikely to do is pretty fruitless.
Charlie Munger
Image
Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
Charlie Munger
Image
Understanding how to be a good investor makes you a better business manager and vice versa.
Charlie Munger
Image
I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.
Charlie Munger
Image
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
Image
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
Image
A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, Oh yes it is, because I'd publish the list of people under consideration.
Charlie Munger
Image
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Charlie Munger
Image
Great investing requires a lot of delayed gratification.
Charlie Munger
Image
A director who gets $150,000 per year from a company and needs the money is not independent.
Charlie Munger
Image
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
Charlie Munger
Image
The tax code gives you an enormous advantage if you can find some things you can just sit with.
Charlie Munger
Image
I don't invest in what I don't understand. And I don't want to understand Facebook.
Charlie Munger
Image
Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to do this. If it's a sin, then I hope all of Berkshire Hathaway's subsidiaries are sinners. Someone whose salary is paid by U.S.taxpayers is happy to dramatically weaken the one place where we're winning big?!
Charlie Munger
Image
If you can buy the best companies, over time the pricing takes care of itself.
Charlie Munger
Image
We have a high moral responsibility to be rational
Charlie Munger
Image
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
Image
Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
Charlie Munger