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

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
Fair
Business
Great
Superior
Superiors
Fairs
Price

More quotes by Charlie Munger

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You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' So you must have the models, and you must see the relatedness and the effects from the relatedness.
Charlie Munger
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I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Charlie Munger
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Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
Charlie Munger
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The liabilities are always 100 percent good. It's the assets you have to worry about.
Charlie Munger
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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Charlie Munger
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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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You must value the business in order to value the stock.
Charlie Munger
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I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
Charlie Munger
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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
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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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And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
Charlie Munger
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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.
Charlie Munger
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I'm right, and you're smart, and sooner or later you'll see I'm right.
Charlie Munger
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A lot of our respected financial institutions are just casinos in drag.
Charlie Munger
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A director who gets $150,000 per year from a company and needs the money is not independent.
Charlie Munger
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We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
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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If you can buy the best companies, over time the pricing takes care of itself.
Charlie Munger
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As I continued through Cicero's pages, I found much more material celebrating my way of life.
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