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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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Ends
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Cheating
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Progression

More quotes by Charlie Munger

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A lot of our respected financial institutions are just casinos in drag.
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People always underestimate the ability of earth to increase its carrying capacity.
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To the man with only a hammer, every problem looks like a nail.
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Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.
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To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
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If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
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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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People calculate too much and think too little.
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I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.
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Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
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And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
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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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Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
Charlie Munger
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If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz. The good thing about business is that you don't have to know any higher math.
Charlie Munger
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The old culture had come out of poverty, out of English customs.
Charlie Munger
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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.
Charlie Munger
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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.
Charlie Munger
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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.
Charlie Munger
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In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
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In fact I've probably never seen such a wide moat.
Charlie Munger