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Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.

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
Take
Sewers
Something
Step
Steps
Moral
Start
Easy
Next
Ends
Sewer

More quotes by Charlie Munger

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Acknowledging what you don't know is the dawning of wisdom.
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.
Charlie Munger
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When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.
Charlie Munger
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There's more honor in investment management than in investment banking.
Charlie Munger
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Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.
Charlie Munger
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Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to do this. If it's a sin, then I hope all of Berkshire Hathaway's subsidiaries are sinners. Someone whose salary is paid by U.S.taxpayers is happy to dramatically weaken the one place where we're winning big?!
Charlie Munger
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You must value the business in order to value the stock.
Charlie Munger
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
Charlie Munger
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Wall Street has too much wealth and political power.
Charlie Munger
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In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.
Charlie Munger
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
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Great investing requires a lot of delayed gratification.
Charlie Munger
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I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
Charlie Munger
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There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, What good is health? You can't buy money with it.
Charlie Munger
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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.
Charlie Munger
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In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
Charlie Munger
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I have a name for people who went to the extreme efficient market theory-which is bonkers. It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.
Charlie Munger
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So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
Charlie Munger
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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.
Charlie Munger
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
Charlie Munger