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In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

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
Think
Stretch
Thinking
Hats
World
Sell
Sells
Private
Borrow
Today
Estate
Real
Equity
Going
Estates

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Your life must focus on the maximization of objectivity.
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Acknowledging what you don't know is the dawning of wisdom.
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To the man with only a hammer, every problem looks like a nail.
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
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The big money is not in the buying and selling ... but in the waiting.
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Investing is where you find a few great companies and then sit on your ass.
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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.
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The first chance you have to avoid a loss from a foolish loan is by refusing to make it there is no second chance.
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
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Mimicking the herd invites regression to the mean.
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