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

More quotes by Charlie Munger

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We've got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active - discipline in avoiding just doing any damn thing just because you can't stand inactivity.
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It's a good habit to trumpet your failures and be quiet about your successes.
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Strategic plans cause more dumb decisions than anything else in America.
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You must value the business in order to value the stock.
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Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
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As I continued through Cicero's pages, I found much more material celebrating my way of life.
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If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
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You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.
Charlie Munger
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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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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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Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.
Charlie Munger
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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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To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
Charlie Munger
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The old culture had come out of poverty, out of English customs.
Charlie Munger
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Trying to prioritize among things we're unlikely to do is pretty fruitless.
Charlie Munger
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Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
Charlie Munger
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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.
Charlie Munger
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It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
Charlie Munger
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I don't invest in what I don't understand. And I don't want to understand Facebook.
Charlie Munger
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The tax code gives you an enormous advantage if you can find some things you can just sit with.
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