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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
Slightly
Stupid
Past
Way
People
Extrapolate
Massively

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The best thing a human being can do is to help another human being know more.
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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.
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Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
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The safest way to get what you want is to deserve what you want.
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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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I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.
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I regard it as very unfair, but capitalism without failure is like religion without hell.
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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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The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.
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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.
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Go to bed smarter than when you woke up.
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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.
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We've got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active - discipline in avoiding just doing any damn thing just because you can't stand inactivity.
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When you borrow a man's car, always return it with a tank of gas.
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Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
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If you can buy the best companies, over time the pricing takes care of itself.
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I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.
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The investment game is getting more and more competitive.
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The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you're going to be a great stock picker, you need some general education.
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I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn't like we're all static in status. What's important is that pie grows.
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