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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.

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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Fair
Desired
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Disgrace
Ends
Grief
Cheating
Earth
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Finite
Come
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Enough
Almost
Eventually
Progressions
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Geometric
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Chosen
Progression

More quotes by Charlie Munger

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We have a passion for keeping things simple.
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If (investing) weren't a little difficult, everybody would be rich.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.
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The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.
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You have to learn to be a follower before you become a leader.
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I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very stupid way to solve an energy problem.
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Financial institutions make us nervous when they're trying to do well.
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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.
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A director who gets $150,000 per year from a company and needs the money is not independent.
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I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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Intelligent people make decisions based on opportunity costs.
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
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Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.
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Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
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Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
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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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The investment game is getting more and more competitive.
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