Charlie Munger Quotes

517 quotes · Investor, Businessman

Page 24 of 44

Charlie Munger Quotes

All Wise Philosophical Angry Confident Grateful 517 quotes · page 24 of 44

Charlie Munger

Investor, Businessman

Grateful

“There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.”

Investing Sitting Cash

♥ 10

Charlie Munger

Investor, Businessman

Inspired

“I constantly see people rise in life who are not the smartest - sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And, boy, does that habit help, particularly when you have a long run ahead of you.”

Running Night Boys

♥ 10

Funny

“Is there such thing as a cheerful pessimist? That's what I am.”

Cheerful Pessimist

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Wise

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

Long Enough

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Wise

“How you behave in one place, will help in surprising ways later.”

Way Helping

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Angry

“I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.”

Country Smart Gambling

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Philosophical

“The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.”

Men Real Foolish Man

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Philosophical

“With so much money riding on reported numbers, human nature is to manipulate them. And with so many doing it, you get Serpico effects, where everyone rationalizes that it's okay because everyone else is doing it. It is always thus.”

Numbers Human Nature Riding

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Courageous

“There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly people in each department who don't see the big picture.”

People Teaching American Universities

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Grateful

“While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.”

People Real Example

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Wise

“Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.”

Thinking Years Country

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Wise

“Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, "Now it has to work. If I put in just a little more, then it will work."”

People Thinking Commitment

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