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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.

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
Well
Management
Something
Paid
Way
General
Life
Spend
Like
Terrible
People
Money
Require
Today
Pretend
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More quotes by Charlie Munger

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If it happens every year like clockwork, what's so extraordinary about it?
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We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
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Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
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I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.
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It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
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Being rational is a moral Imperative. You should never be stupider than you need to be.
Charlie Munger
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There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
Charlie Munger
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Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.
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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.
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I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.
Charlie Munger
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When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'
Charlie Munger
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I regard it as very unfair, but capitalism without failure is like religion without hell.
Charlie Munger
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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
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Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.
Charlie Munger
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If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
Charlie Munger
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After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
Charlie Munger
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Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
Charlie Munger
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I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person's brain because it understands the most fundamental models- ones that will do most work per unit.
Charlie Munger
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We only want what success we can get despite encouraging others to share our general view about reality.
Charlie Munger