Quote

My idea of a good place to shop is Costco - it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.

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
Idea
Steak
Place
Heavily
Ideas
Wheat
Thing
Washing
Fillet
Good
Juice
Steaks
Never
Shop
Carrot
Shops
Appealed
Eating
Carrots

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Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.
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[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
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Mimicking the herd invites regression to the mean.
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Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
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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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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
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You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
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Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
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To the man with only a hammer, every problem looks like a nail.
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If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.
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Let me know what your problem is, and I will try to make it more difficult for you.
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Investing is where you find a few great companies and then sit on your ass.
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We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
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Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
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If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar] don't have these types of substitutes.
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We want very good leaders who have a lot of power.
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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
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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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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
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