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Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.

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
Force
Consequence
Momentum
Happens
Subject
Existing
Play
Entire
Customs
Thinking
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Folly
Terrible
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Huge
Consequences
Follies
Happen
Forces
Accounting
Bigs
Direction
Custom

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A great business at a fair price is superior to a fair business at a great price.
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The best thing a human being can do is to help another human being know more.
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I have a name for people who went to the extreme efficient market theory-which is bonkers. It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.
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Great investing requires a lot of delayed gratification.
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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.
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Strategic plans cause more dumb decisions than anything else in America.
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If it happens every year like clockwork, what's so extraordinary about it?
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If only I had the influence with my wife and children that I have in some other quarters!
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Spend each day trying to be a little wiser than you were when you woke up.
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Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.
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Intelligent people make decisions based on opportunity costs.
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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
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You have to learn to be a follower before you become a leader.
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself 2) Don’t work for anyone you don’t respect and admire and 3) Work only with people you enjoy.
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I don't want to understand Facebook.
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...being an effective teacher is a high calling.
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A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
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We have a high moral responsibility to be rational
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