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I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.

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
Well
Capitalism
Twaddle
Many
Notion
Booms
Giving
Gives
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Great
Problems
Liquidity
Think
Crazy
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Virtue
Virtues
Common
Stock
Problem
Mostly

More quotes by 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.
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I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.
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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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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.
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Being rational is a moral Imperative. You should never be stupider than you need to be.
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As I continued through Cicero's pages, I found much more material celebrating my way of life.
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We have a high moral responsibility to be rational
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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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Is there such thing as a cheerful pessimist? That's what I am.
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A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
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In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.
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Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
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There's more honor in investment management than in investment banking.
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It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
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Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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I feel that by getting rich in the way I did, I think my own example has hurt my own country.
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A director who gets $150,000 per year from a company and needs the money is not independent.
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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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