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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.

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
Realizing
Relatedness
Idea
Huxley
Another
Julian
Truth
Biologist
Ideas
Damn
Must
Models
Life
Effects
Realize

More quotes by Charlie Munger

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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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Hard work, honesty, if you keep at it, will get you almost anything.
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The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
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Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].
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Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.
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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.
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We have a passion for keeping things simple.
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If (investing) weren't a little difficult, everybody would be rich.
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The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.
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A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
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One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.
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Investing is where you find a few great companies and then sit on your ass.
Charlie Munger
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
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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.
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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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Trying to prioritize among things we're unlikely to do is pretty fruitless.
Charlie Munger
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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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