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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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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
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Genies
More quotes by Charlie Munger
I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.
Charlie Munger
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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Capitalism is a pretty brutal place.
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Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great thinker.
Charlie Munger
If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.
Charlie Munger
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
Charlie Munger
Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
Charlie Munger
The tax code gives you an enormous advantage if you can find some things you can just sit with.
Charlie Munger
It's a good habit to trumpet your failures and be quiet about your successes.
Charlie Munger
Great investing requires a lot of delayed gratification.
Charlie Munger
The investment game is getting more and more competitive.
Charlie Munger
Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
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I regard it as very unfair, but capitalism without failure is like religion without hell.
Charlie Munger
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
Charlie Munger
We don't claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won't do them. Currently, there's a culture in Americathat says that anything that won't send you to prison is OK.
Charlie Munger
Your life must focus on the maximization of objectivity.
Charlie Munger
A board member should be perfectly willing to leave at any time and willing to make the tough calls.
Charlie Munger
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
It's not the bad ideas that do you in, but the good ones.
Charlie Munger
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
