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I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.

Charlie Munger

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Charlie Munger
Age: 100
Born: 1924
Born: January 1
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Charlie Thomas Munger
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More quotes by Charlie Munger

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It's not a competency if you don't know the edge of it.
Charlie Munger
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What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
Charlie Munger
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One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely
Charlie Munger
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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.
Charlie Munger
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Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.... You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.
Charlie Munger
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In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.
Charlie Munger
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When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.
Charlie Munger
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Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
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You could argue that [the decline of public schools] is one of the major disasters in our lifetimes. We took one of the greatest successes in the history of the earth and turned it into one of the greatest disasters in the history of the earth.
Charlie Munger
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The world is getting very much more competitive.
Charlie Munger
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
Charlie Munger
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One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.
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.
Charlie Munger
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Avoid working directly under somebody you don't admire and don't want to be like.
Charlie Munger
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The old culture had come out of poverty, out of English customs.
Charlie Munger
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
Charlie Munger
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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.
Charlie Munger
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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
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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.
Charlie Munger