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I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.

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
People
Pay
Foot
Condo
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Product
Composite
Millions
Price
Composites
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Sorry
Manhattan
Comes
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Square
Change
Flow
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Places
Inflation
Feels
Products
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Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
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I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.
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Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
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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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Your life must focus on the maximization of objectivity.
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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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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.
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I think corporate managers should learn to be better investors because it would make them better managers.
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
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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 think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.
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You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.
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If it happens every year like clockwork, what's so extraordinary about it?
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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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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.
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We have a passion for keeping things simple.
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If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
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