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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

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
Berkshire
Hathaway
Manufacturers
Compete
Chinese
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Being rational is a moral Imperative. You should never be stupider than you need to be.
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
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What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
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Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
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We're the tortoise that has outrun the hare because it chose the easy predictions.
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The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
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I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.
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We have a high moral responsibility to be rational
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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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You have to learn to be a follower before you become a leader.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' So you must have the models, and you must see the relatedness and the effects from the relatedness.
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If you can buy the best companies, over time the pricing takes care of itself.
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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.
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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Avoid working directly under somebody you don't admire and don't want to be like.
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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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