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To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.

Charlie Munger

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Charlie Munger
Age: 101
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
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See's candy company was the first high-quality business we ever bought.
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Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
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Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.
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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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I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
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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.
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You must value the business in order to value the stock.
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself 2) Don’t work for anyone you don’t respect and admire and 3) Work only with people you enjoy.
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A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.
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Warren spends 70 hours a week thinking about investing .
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One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.
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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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I regard it as very unfair, but capitalism without failure is like religion without hell.
Charlie Munger
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The old culture had come out of poverty, out of English customs.
Charlie Munger
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A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.
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It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
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Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
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