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Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
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
History
Cashiers
Wells
Spreads
Well
Candy
Going
Spread
Always
Behavior
Never
Terrible
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Cashier
More quotes by Charlie Munger
If only I had the influence with my wife and children that I have in some other quarters!
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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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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.
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There's more honor in investment management than in investment banking.
Charlie Munger
Let me know what your problem is, and I will try to make it more difficult for you.
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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
People calculate too much and think too little.
Charlie Munger
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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Show me the incentive and I will show you the outcome
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[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
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We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.
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After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
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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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Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.
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If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar] don't have these types of substitutes.
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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.
Charlie Munger
We have a passion for keeping things simple.
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The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
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Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great thinker.
Charlie Munger
In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.
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