Quote

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

Charlie Munger

Change background

T
T
T

Change font

TAGS & TOPICS

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
Stupid
Past
Way
People
Extrapolate
Massively
Slightly

More quotes by Charlie Munger

Image
The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.
Charlie Munger
Image
If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Charlie Munger
Image
If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
Charlie Munger
Image
I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.
Charlie Munger
Image
To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
Charlie Munger
Image
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
Charlie Munger
Image
We have found in a long life that one competitor is frequently enough to ruin a business.
Charlie Munger
Image
If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
Image
For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
Image
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
Charlie Munger
Image
Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
Charlie Munger
Image
You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert.
Charlie Munger
Image
Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
Charlie Munger
Image
A great business at a fair price is superior to a fair business at a great price.
Charlie Munger
Image
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
Image
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.
Charlie Munger
Image
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.
Charlie Munger
Image
I think corporate managers should learn to be better investors because it would make them better managers.
Charlie Munger
Image
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
Charlie Munger
Image
Strategic plans cause more dumb decisions than anything else in America.
Charlie Munger