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They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they're probably more successful than charter schools.
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
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Charter
People
School
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More quotes by Charlie Munger
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
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
Charlie Munger
Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.
Charlie Munger
Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
Charlie Munger
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.
Charlie Munger
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
At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
Charlie Munger
My idea of a good place to shop is Costco - it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.
Charlie Munger
This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
Being rational is a moral Imperative. You should never be stupider than you need to be.
Charlie Munger
Intelligent people make decisions based on opportunity costs.
Charlie Munger
Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away... I mean it just absolutely is designed to manipulate people into idiotic behavior.
Charlie Munger
For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.
Charlie Munger
When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'
Charlie Munger
A great business at a fair price is superior to a fair business at a great price.
Charlie Munger
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.
Charlie Munger
Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.
Charlie Munger
Capitalism is a pretty brutal place.
Charlie Munger
If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.
Charlie Munger