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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.
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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More quotes by Charlie Munger
You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.
Charlie Munger
I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.
Charlie Munger
To the man with only a hammer, every problem looks like a nail.
Charlie Munger
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.
Charlie Munger
Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
Charlie Munger
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
Charlie Munger
There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, What good is health? You can't buy money with it.
Charlie Munger
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
Hard work, honesty, if you keep at it, will get you almost anything.
Charlie Munger
Intense interest in any subject is indispensable if you're really going to excel in it.
Charlie Munger
Beta and modern portfolio theory and the like - none of it makes any sense to me.
Charlie Munger
If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
Charlie Munger
If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
Charlie Munger
I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.
Charlie Munger
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.
Charlie Munger
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
Spend each day trying to be a little wiser than you were when you woke up.
Charlie Munger
Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to do this. If it's a sin, then I hope all of Berkshire Hathaway's subsidiaries are sinners. Someone whose salary is paid by U.S.taxpayers is happy to dramatically weaken the one place where we're winning big?!
Charlie Munger
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
Charlie Munger
