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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.
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
Investment
Price
Pay
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Quality
Involves
Games
Trick
Simple
Considering
Always
Tricks
More quotes by Charlie Munger
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
Charlie Munger
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
Charlie Munger
Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.
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What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
Charlie Munger
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
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
A lot of our respected financial institutions are just casinos in drag.
Charlie Munger
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
Charlie Munger
To say accounting for derivatives is Americais a sewer is an insult to sewage.
Charlie Munger
I don't invest in what I don't understand. And I don't want to understand Facebook.
Charlie Munger
When you borrow a man's car, always return it with a tank of gas.
Charlie Munger
The safest way to get what you want is to deserve what you want.
Charlie Munger
Almost all good businesses engage in 'pain today, gain tomorrow' activities.
Charlie Munger
I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.
Charlie Munger
Wall Street has too much wealth and political power.
Charlie Munger
You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.
Charlie Munger
It's been my experience in life if you just keep thinking and reading, you don't have to work.
Charlie Munger
This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
Knowing what you don't know is more useful than being brilliant.
Charlie Munger
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
Charlie Munger
