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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
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
Values
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Running
Corporate
America
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Berkshire
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Common
Stocks
More quotes by Charlie Munger
If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
Charlie Munger
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.
Charlie Munger
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
Charlie Munger
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Charlie Munger
Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.
Charlie Munger
Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
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
No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
We only want what success we can get despite encouraging others to share our general view about reality.
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
There is the sheer amount of Franklin's wisdom. And the talent. Franklin played four instruments. He was the nation's leading scientist and inventor, plus a leading author, statesman, and philanthropist. There has never been anyone like him.
Charlie Munger
The old culture had come out of poverty, out of English customs.
Charlie Munger
Mimicking the herd invites regression to the mean.
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
If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.
Charlie Munger
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
Charlie Munger
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie Munger
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie Munger
The world is getting very much more competitive.
Charlie Munger