Quote

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

Change background

T
T
T

Change font

TAGS & TOPICS

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
Likely
Rule
Organization
System
Dealing
Another
Rough
Way
Complexes
Life
Complex
Foolish

More quotes by Charlie Munger

Image
Just keep your head down and do your best.
Charlie Munger
Image
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
Image
Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
Image
I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.
Charlie Munger
Image
The world is getting very much more competitive.
Charlie Munger
Image
Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.
Charlie Munger
Image
Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away... I mean it just absolutely is designed to manipulate people into idiotic behavior.
Charlie Munger
Image
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie Munger
Image
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
Image
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
Charlie Munger
Image
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
Charlie Munger
Image
If (investing) weren't a little difficult, everybody would be rich.
Charlie Munger
Image
Is there such thing as a cheerful pessimist? That's what I am.
Charlie Munger
Image
As I continued through Cicero's pages, I found much more material celebrating my way of life.
Charlie Munger
Image
there are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that's still going to be lousy. The money still won't come to you. All of the advantages from great improvements are going to flow through to the customers.
Charlie Munger
Image
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie Munger
Image
Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt Munger's Rule. However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.
Charlie Munger
Image
We don't like trading agony for money
Charlie Munger
Image
I'm right, and you're smart, and sooner or later you'll see I'm right.
Charlie Munger
Image
It's not a competency if you don't know the edge of it.
Charlie Munger