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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

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Hard work, honesty, if you keep at it, will get you almost anything.
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If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
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Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.
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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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Intelligent people make decisions based on opportunity costs.
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I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.
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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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The tax code gives you an enormous advantage if you can find some things you can just sit with.
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Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.
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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.
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The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you're going to be a great stock picker, you need some general education.
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Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.
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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.
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I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.
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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.
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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We have a history when things are really horrible of wading in when no one else will.
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And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
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If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz. The good thing about business is that you don't have to know any higher math.
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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