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Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
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
Irritating
Stock
Short
Worth
Seeing
Take
Promoter
Much
Promoters
Life
Irritation
More quotes by Charlie Munger
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.
Charlie Munger
One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.
Charlie Munger
I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
Charlie Munger
Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
Charlie Munger
At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
Charlie Munger
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
Charlie Munger
Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.
Charlie Munger
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
Charlie Munger
To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
Charlie Munger
If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Charlie Munger
No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
In fact I've probably never seen such a wide moat.
Charlie Munger
Never, ever, think about something else when you should be thinking about the power of incentives.
Charlie Munger
It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.
Charlie Munger
It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
Charlie Munger
You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' So you must have the models, and you must see the relatedness and the effects from the relatedness.
Charlie Munger
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
Charlie Munger
Beta and modern portfolio theory and the like - none of it makes any sense to me.
Charlie Munger
Let me know what your problem is, and I will try to make it more difficult for you.
Charlie Munger