If any successes has come to me, it came because I insisted on thinking things through. That’s all I was capable of doing in life, was thinking pretty hard about trying to get the right answer, and then acting on it. I never learned to do anything else. Charlie Munger Read Quote
Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game. Charlie Munger Read Quote
There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be.’ At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.’ Charlie Munger Read Quote
You need a different checklist and different mental models for different companies. Charlie Munger Read Quote
Economics profession, they’ve been – they’ve been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn’t work in the next. Economics is a difficult subject. Charlie Munger Read Quote
If you can get really good at destroying your own wrong ideas, that is a great gift. Charlie Munger Read Quote
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 Read Quote
I’m proud to be associated with the value system at Berkshire Hathaway; I think you’ll make more money in the end with good ethics than bad. Charlie Munger Read Quote
If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change. Charlie Munger Read Quote
