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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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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
Charlie Munger
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Our biggest mistakes, were things we didn't do, companies we didn't buy.
Charlie Munger
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Knowing what you don't know is more useful than being brilliant.
Charlie Munger
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Spend each day trying to be a little wiser than you were when you woke up.
Charlie Munger
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A great business at a fair price is superior to a fair business at a great price.
Charlie Munger
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Let me know what your problem is, and I will try to make it more difficult for you.
Charlie Munger
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Strategic plans cause more dumb decisions than anything else in America.
Charlie Munger
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If (investing) weren't a little difficult, everybody would be rich.
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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...being an effective teacher is a high calling.
Charlie Munger
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The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.
Charlie Munger
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We have the same problem as everyone else: It's very hard to predict the future.
Charlie Munger
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Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
Charlie Munger
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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.
Charlie Munger
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Investing is where you find a few great companies and then sit on your ass.
Charlie Munger
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We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan Wesco] just before a calamity. Both were bought at a discount to liquidation value.
Charlie Munger
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A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.
Charlie Munger
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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.
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
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I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.
Charlie Munger