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We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.

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
Came
Meetings
Surrounded
Company
Tiny
Board
Felt
Group
Boards
Berkshire
Littles
Moved
Isolated
Suite
Back
Large
Meeting
Headquarters
Little
Groups
Managers
Luxurious
Room
Servant
Servants
Rooms
Uncomfortable
Senior

More quotes by Charlie Munger

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Almost all good businesses engage in 'pain today, gain tomorrow' activities.
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Mimicking the herd invites regression to the mean.
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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 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.
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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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Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.
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If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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When you borrow a man's car, always return it with a tank of gas.
Charlie Munger
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There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
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In fact I've probably never seen such a wide moat.
Charlie Munger
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Strategic plans cause more dumb decisions than anything else in America.
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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.
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To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
Charlie Munger
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We've got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active - discipline in avoiding just doing any damn thing just because you can't stand inactivity.
Charlie Munger