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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

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
Stock
Seldom
Winning
Wells
Well
Like
Heavily
Picking
Gambling

More quotes by Charlie Munger

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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
Charlie Munger
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If only I had the influence with my wife and children that I have in some other quarters!
Charlie Munger
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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
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We’re partial to putting out large amounts of money where we won’t have to make another decision.
Charlie Munger
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I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
Charlie Munger
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When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.
Charlie Munger
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Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
Charlie Munger
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
Charlie Munger
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There's more honor in investment management than in investment banking.
Charlie Munger
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Being rational is a moral Imperative. You should never be stupider than you need to be.
Charlie Munger
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Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
Charlie Munger
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We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.
Charlie Munger
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Hard work, honesty, if you keep at it, will get you almost anything.
Charlie Munger
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I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very stupid way to solve an energy problem.
Charlie Munger
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To say accounting for derivatives is Americais a sewer is an insult to sewage.
Charlie Munger
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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.
Charlie Munger
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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
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The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.
Charlie Munger
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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.
Charlie Munger