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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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It's not supposed to be easy. Anyone who finds it easy is stupid.
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You have to learn to be a follower before you become a leader.
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If the value of a company doesn't just scream out at you, it's too close.
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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.
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
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If (investing) weren't a little difficult, everybody would be rich.
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The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
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I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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Avoid working directly under somebody you don't admire and don't want to be like.
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There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
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Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.
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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.
Charlie Munger
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I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
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After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
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If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
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Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
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Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
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The laws of thermodynamic s are such that if the water is getting warmer - and I believe it is - the energy of the weather is going to go up.
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