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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and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.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

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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
Selling
Intrinsic
Values
Owner
Ever
Price
Reference
Think
Basic
Momentum
Thinking
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Owners
Private
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Value
Buying
Securities
Instead
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Outdated
Security

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I'm right, and you're smart, and sooner or later you'll see I'm right.
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Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
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We have a history when things are really horrible of wading in when no one else will.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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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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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.
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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.
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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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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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We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
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When you borrow a man's car, always return it with a tank of gas.
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If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.
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A board member should be perfectly willing to leave at any time and willing to make the tough calls.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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Capitalism is a pretty brutal place.
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