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Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.
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
Company
Dozen
Need
Killed
Needs
Clever
Kind
Broke
Companies
Derivatives
Innovation
Dozens
Boring
Bankrupt
Kinds
Finance
More quotes by Charlie Munger
This is a good life lesson: getting the right people into your system is the most important thing you can do.
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See's candy company was the first high-quality business we ever bought.
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Financial institutions make us nervous when they're trying to do well.
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If only I had the influence with my wife and children that I have in some other quarters!
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For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.
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Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Intense interest in any subject is indispensable if you're really going to excel in it.
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Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that.
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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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If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
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The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
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I'm right, and you're smart, and sooner or later you'll see I'm right.
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Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was an established way of thinking. If you poked your head up with a new thought, the system kind of turned against you. It was everything in the way of a dysfunctional big bureaucracy that you would expect.
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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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The big money is not in the buying and selling ... but in the waiting.
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We have found in a long life that one competitor is frequently enough to ruin a business.
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Warren spends 70 hours a week thinking about investing .
Charlie Munger
