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It's a rare business that doesn't have a way worse future than it has a past.

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
Past
Way
Rare
Worse
Future
Business
Doesn

More quotes by Charlie Munger

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To atone, I teach and try to set an example... I love spreading this stuff around. Just because it's trite doesn't mean it isn't right. In fact, I like to say, 'If it's trite, it's right.'
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
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If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
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If you can buy the best companies, over time the pricing takes care of itself.
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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.
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We only want what success we can get despite encouraging others to share our general view about reality.
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The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.
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If you can get good at destroying your own wrong ideas, that is a great gift.
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It's not supposed to be easy. Anyone who finds it easy is stupid.
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...being an effective teacher is a high calling.
Charlie Munger
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There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
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It's dangerous to short stocks.
Charlie Munger
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Go to bed smarter than when you woke up.
Charlie Munger
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The liabilities are always 100 percent good. It's the assets you have to worry about.
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We want very good leaders who have a lot of power.
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All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
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Your life must focus on the maximization of objectivity.
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In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.
Charlie Munger
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Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.
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A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.
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