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One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely

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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Expectations
Models
Dampen
Responsible
Berkshire
Especially
Nicely
Persons
Smartest
Person
Mature
Things
Model
Would
Investment

More quotes by Charlie Munger

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If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
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I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.
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You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
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It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
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The best thing a human being can do is to help another human being know more.
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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
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In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
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It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.
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When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'
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You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.
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If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
Charlie Munger
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The old culture had come out of poverty, out of English customs.
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Wall Street has too much wealth and political power.
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A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, Oh yes it is, because I'd publish the list of people under consideration.
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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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If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
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