Quote

The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.

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
Going
Cost
Burdensome
Way
Public
Traded
Make
Company
Publicly
Gone
Requirements
Sense
Stock
Doesn
Companies
Littles
Anymore
Little
Private

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...being an effective teacher is a high calling.
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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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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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You have to learn to be a follower before you become a leader.
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You must value the business in order to value the stock.
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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.
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We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
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Mimicking the herd invites regression to the mean.
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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.
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You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.
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I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn't like we're all static in status. What's important is that pie grows.
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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.
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I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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Spend each day trying to be a little wiser than you were when you woke up.
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I don't invest in what I don't understand. And I don't want to understand Facebook.
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It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
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[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
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Intense interest in any subject is indispensable if you're really going to excel in it.
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Almost all good businesses engage in 'pain today, gain tomorrow' activities.
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