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I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn't think this way.

Charlie Munger

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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
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Investor
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Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
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Phil

More quotes by 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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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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We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
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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Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
Charlie Munger
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
Charlie Munger
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Avoid working directly under somebody you don't admire and don't want to be like.
Charlie Munger
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It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
Charlie Munger
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You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
Charlie Munger
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie Munger
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Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
Charlie Munger
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The world is getting very much more competitive.
Charlie Munger
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The best thing a human being can do is to help another human being know more.
Charlie Munger
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Capitalism is a pretty brutal place.
Charlie Munger
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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
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
Charlie Munger
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We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.
Charlie Munger
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It's dangerous to short stocks.
Charlie Munger
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I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.
Charlie Munger
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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.
Charlie Munger