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The big money is not in the buying and selling ... but in the waiting.
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
Buying
Selling
Waiting
Bigs
Money
More quotes by Charlie Munger
When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.
Charlie Munger
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
Charlie Munger
To atone, I teach and try to set an example... I love spreading this stuff around. Just because it's trite doesn't mean it isn't right. In fact, I like to say, 'If it's trite, it's right.'
Charlie Munger
In fact I've probably never seen such a wide moat.
Charlie Munger
I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very stupid way to solve an energy problem.
Charlie Munger
Show me the incentive and I will show you the outcome
Charlie Munger
The world is getting very much more competitive.
Charlie Munger
Hard work, honesty, if you keep at it, will get you almost anything.
Charlie Munger
It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
Charlie Munger
Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt Munger's Rule. However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.
Charlie Munger
As I continued through Cicero's pages, I found much more material celebrating my way of life.
Charlie Munger
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie Munger
Our biggest mistakes, were things we didn't do, companies we didn't buy.
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
Great investing requires a lot of delayed gratification.
Charlie Munger
If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
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
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
Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
Charlie Munger
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.
Charlie Munger
