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I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.

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
Talking
Disagree
Use
Sell
Right
Sells
Going
Admire
Good
Credit
People
Products
Admires
Republican
Warren
Hurt
Elizabeth

More quotes by Charlie Munger

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Almost all good businesses engage in 'pain today, gain tomorrow' activities.
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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 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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I regard it as very unfair, but capitalism without failure is like religion without hell.
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
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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.
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It's not a competency if you don't know the edge of it.
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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.
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If it happens every year like clockwork, what's so extraordinary about it?
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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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It's a rare business that doesn't have a way worse future than it has a past.
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Acknowledging what you don't know is the dawning of wisdom.
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Knowing what you don't know is more useful than being brilliant.
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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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You have to learn to be a follower before you become a leader.
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It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
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Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.
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Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.
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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.
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Show me the incentive and I will show you the outcome
Charlie Munger