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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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
Hogs
Hog
Wash
Presence
Expect
More quotes by Charlie Munger
I think you'll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation.
Charlie Munger
You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.
Charlie Munger
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie Munger
There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, What good is health? You can't buy money with it.
Charlie Munger
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.
Charlie Munger
The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
Charlie Munger
It's not supposed to be easy. Anyone who finds it easy is stupid.
Charlie Munger
My idea of a good place to shop is Costco - it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.
Charlie Munger
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie Munger
Warren spends 70 hours a week thinking about investing .
Charlie Munger
The big money is not in the buying and selling ... but in the waiting.
Charlie Munger
In fact I've probably never seen such a wide moat.
Charlie Munger
If you can buy the best companies, over time the pricing takes care of itself.
Charlie Munger
The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
Charlie Munger
You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' So you must have the models, and you must see the relatedness and the effects from the relatedness.
Charlie Munger
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
Charlie Munger
Acknowledging what you don't know is the dawning of wisdom.
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
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
