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Don't do cocaine. Don't race trains. And avoid AIDS situations.

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
Train
Situation
Race
Trains
Cocaine
Situations
Aids
Avoid

More quotes by Charlie Munger

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Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
Charlie Munger
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While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.
Charlie Munger
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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
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There's more honor in investment management than in investment banking.
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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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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If you can buy the best companies, over time the pricing takes care of itself.
Charlie Munger
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Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
Charlie Munger
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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.
Charlie Munger
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A lot of our respected financial institutions are just casinos in drag.
Charlie Munger
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Never, ever, think about something else when you should be thinking about the power of incentives.
Charlie Munger
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
Charlie Munger
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
Charlie Munger
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If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.
Charlie Munger
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
Charlie Munger
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
Charlie Munger
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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.
Charlie Munger
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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.
Charlie Munger
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The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].
Charlie Munger
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So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
Charlie Munger