Share
×
Inspirational Quotes
Authors
Professions
Topics
Tags
Quote
Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].
Charlie Munger
Share
Change background
T
T
T
Change font
Original
TAGS & TOPICS
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
Problem
Spots
Psychopath
Much
Lays
Caricatures
Like
Companies
Bernie
Harder
Dutch
Problems
Shell
Almost
Shells
Company
Royal
Easy
Spot
Psychopaths
More quotes by Charlie Munger
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
Charlie Munger
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.
Charlie Munger
We don't like trading agony for money
Charlie Munger
In fact I've probably never seen such a wide moat.
Charlie Munger
You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, Won't anyone stand up and say anything nice for the deceased? and finally someone said, Well, his brother was worse.
Charlie Munger
The reason we avoid the word 'synergy' is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises.Berkshire is full of synergies - we don't avoid synergies, just claims of synergies.
Charlie Munger
If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
Charlie Munger
While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.
Charlie Munger
See's candy company was the first high-quality business we ever bought.
Charlie Munger
Don't do cocaine. Don't race trains. And avoid AIDS situations.
Charlie Munger
Strategic plans cause more dumb decisions than anything else in America.
Charlie Munger
It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.
Charlie Munger
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
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.
Charlie Munger
It's a rare business that doesn't have a way worse future than it has a past.
Charlie Munger
Any year that you don't destroy one of your best-loved ideas is probably a wasted year
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
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
We've had the most massive creation of wealth for people a lot younger than those who formerly got wealth in the history of the world. The world is full of young people who really want to get rich, and when I left school nobody thought it was a reasonable possibility.
Charlie Munger
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
Charlie Munger
