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Fancy computers are engaging in legalized front-running. The profits are clearly coming from the rest of us - our college endowments and our pensions. Why is this legal? What the hell is the government thinking? It's like letting rats into a restaurant.

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
Running
Profit
Restaurant
Government
Fronts
Engaging
Endowments
Thinking
Front
Computers
Pensions
Like
Computer
Restaurants
Legalized
College
Legal
Endowment
Coming
Letting
Pension
Rest
Fancy
Profits
Hell
Clearly
Rats

More quotes by Charlie Munger

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I feel that by getting rich in the way I did, I think my own example has hurt my own country.
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The safest way to get what you want is to deserve what you want.
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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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A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
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Go to bed smarter than when you woke up.
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If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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Almost all good businesses engage in 'pain today, gain tomorrow' activities.
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I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
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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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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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It's been my experience in life if you just keep thinking and reading, you don't have to work.
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Show me the incentive and I will show you the outcome
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I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.
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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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If you can get good at destroying your own wrong ideas, that is a great gift.
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A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
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