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It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.

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
Past
Way
People
Extrapolate
Massively
Slightly
Stupid

More quotes by Charlie Munger

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The first chance you have to avoid a loss from a foolish loan is by refusing to make it there is no second chance.
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We have a high moral responsibility to be rational
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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
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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.
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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.
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Your life must focus on the maximization of objectivity.
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If (investing) weren't a little difficult, everybody would be rich.
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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.
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I don't invest in what I don't understand. And I don't want to understand Facebook.
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Strategic plans cause more dumb decisions than anything else in America.
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
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The old culture had come out of poverty, out of English customs.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.
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People calculate too much and think too little.
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Intense interest in any subject is indispensable if you're really going to excel in it.
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In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
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Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].
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We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.
Charlie Munger