Quote

A director who gets $150,000 per year from a company and needs the money is not independent.

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
Years
Director
Independent
Directors
Gets
Company
Year
Money
Needs

More quotes by Charlie Munger

Image
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
Image
Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.
Charlie Munger
Image
Mimicking the herd invites regression to the mean.
Charlie Munger
Image
You must value the business in order to value the stock.
Charlie Munger
Image
It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of the company. It's very hard to accumulate major positions.
Charlie Munger
Image
You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, Won't anyone stand up and say anything nice for the deceased? and finally someone said, Well, his brother was worse.
Charlie Munger
Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities.
Charlie Munger
Image
Never, ever, think about something else when you should be thinking about the power of incentives.
Charlie Munger
Image
Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
Charlie Munger
Image
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
Charlie Munger
Image
You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.
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
I feel that by getting rich in the way I did, I think my own example has hurt my own country.
Charlie Munger
Image
It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
Charlie Munger
Image
No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
Image
It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
Charlie Munger
Image
Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
Image
Capitalism is a pretty brutal place.
Charlie Munger
Image
Great investing requires a lot of delayed gratification.
Charlie Munger
Image
Our biggest mistakes, were things we didn't do, companies we didn't buy.
Charlie Munger