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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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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
Majority
Enforced
Happened
Horrors
Face
Accounting
Faces
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More quotes by Charlie Munger

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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
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I don't want to understand Facebook.
Charlie Munger
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Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
Charlie Munger
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Understanding how to be a good investor makes you a better business manager and vice versa.
Charlie Munger
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To the man with only a hammer, every problem looks like a nail.
Charlie Munger
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Intelligent people make decisions based on opportunity costs.
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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If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to train yourself out of it.
Charlie Munger
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When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'
Charlie Munger
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If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
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When you borrow a man's car, always return it with a tank of gas.
Charlie Munger
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Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.
Charlie Munger
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It's a good habit to trumpet your failures and be quiet about your successes.
Charlie Munger
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I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.
Charlie Munger
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The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
Charlie Munger
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Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
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Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
Charlie Munger
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie Munger
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Just keep your head down and do your best.
Charlie Munger
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We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.
Charlie Munger