Charlie Munger
Charlie Munger- "All intelligent investing is value investing – to acquire more than you are paying for."
I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting there and trying to dream it up all yourself. Nobody’s that smart.
Charlie Munger
All intelligent investing is value investing – to acquire more than you are paying for. Investing is where you find a few great companies and then sit on your ass.
Charlie Munger
In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads – at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.
Charlie Munger
It’s legalized front-running. I think it is basically evil and I don’t think it should have ever been allowed to reach the size that it did. Why should all of us pay a little group of people to engage in legalized front-running of our orders?
Charlie Munger
I do not think you can trust bankers to control themselves. They are like heroin addicts.
Charlie Munger
To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
Charlie Munger
I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting there and trying to dream it up all yourself. Nobody’s that smart.
Charlie Munger
I think the long term investor is not too much affected by things like the flash crash. That said, I think it is very stupid to allow a system to evolve where half of the trading is a bunch of short term people trying to get information one millionth of a nanosecond ahead of somebody else.
Charlie Munger
Partly there was a time you felt foolish you didn’t buy a house because you weren’t making all the money everyone else was making, so it was a typical crazy boom. Now people have learned house prices can go down as well as up.
Charlie Munger
…an old truth: You can’t trust bankers to govern themselves.
Charlie Munger
They’re [China] willing to step in and intervene. They’re willing to take the punch bowl away right in the middle of the party. I like people like that.
Charlie Munger
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.”
Charlie Munger
There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. The money still won’t come to you. All of the advantages from great improvements are going to flow through to the customers.
Charlie Munger
People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know, “I’m the richest. Therefore, I’m the best. God’s in his heaven, etc.” And that reaction of the robber barons was so irritating to people that it made it unfashionable to think of an economy as an ecosystem. But the truth is that it is a lot like an ecosystem. And you get many of the same results.
Charlie Munger
It’s like a fella who goes rabbit hunting and thoroughly enjoys himself. And then the rabbits haul out guns and start firing back. It would dim your enthusiasm for rabbit hunting and that’s what happened in the housing market.
Charlie Munger
Price is what you pay, value is what you get.
Charlie Munger
