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We have found in a long life that one competitor is frequently enough to ruin a business.

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
Ruin
Frequently
Ruins
Business
Found
Enough
Long
Competitor
Life
Competitors

More quotes by Charlie Munger

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I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.
Charlie Munger
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
Charlie Munger
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If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.
Charlie Munger
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I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.
Charlie Munger
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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
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[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
Charlie Munger
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I don't want to understand Facebook.
Charlie Munger
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You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.
Charlie Munger
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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
Charlie Munger
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The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.
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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We're the tortoise that has outrun the hare because it chose the easy predictions.
Charlie Munger
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Mimicking the herd invites regression to the mean.
Charlie Munger
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We have a high moral responsibility to be rational
Charlie Munger
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We want very good leaders who have a lot of power.
Charlie Munger
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Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.
Charlie Munger
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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
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The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
Charlie Munger
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I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.
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