Charlie Munger

“I love when I think we're taking territory - if it makes sense in the long term, we just don't give a damn what it looks like in the short term. After all, we're running a cult, not a normal company.”

“The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.”

“I will say this: I know no wise person who doesn't read a lot. I suspect that you can read on the computer now and get a lot of benefit out of it, but I doubt that it'll work as well as reading print worked for me.”

“I believe Costco does more for civilization than the Rockefeller Foundation. I think it's a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat.”

“Take a simple idea and take it seriously.”

“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.”

“אל תשקע ברחמים עצמיים, כיוון שזה לא פותר שום בעיה. באופן כללי, קנאה, טינה, נקמה ורחמים עצמיים הם דפוסי חשיבה הרסניים.”

“ זכור כי מוניטין ויושרה הם הנכסים היקרים ביותר שלך – ויכולים ללכת לאיבוד ברגע אחד.”

“אני חושב שאנשים שעושים ריבוי משימות במקביל משלמים מחיר עצום. הם בטוחים שהם פרודוקטיביים במיוחד, אבל אני חושב כשאתה עושה כל כך הרבה משימות, אין לך זמן לחשוב על שום דבר לעומק. אתה נותן לעולם יתרון שלא היית צריך לתת לו, וכמעט כולם נסחפים לטעות הזו.”

“ הכסף הגדול הוא לא בקנייה ובמכירה, אלא בהמתנה.”

“ הכרה במה שאינך יודע היא מקור החוכמה.”

“Wall Street has too much wealth and political power.”

“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.”

“They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.”

“People are trying to be smart - all I am trying to do is not to be idiotic, but it's harder than most people think.”

“I'm a great admirer of the Trump change of mind about China and making an ally out of China instead of screaming about their trade.”

“I think people who multitask pay a huge price. They think they're being extra productive, and I think when you multitask so much you don't have time to think about anything deeply, you are giving the world an advantage you shouldn't do, and practically everybody is drifting into that mistake.”

“The perfect example of Darwinism is what technology has done to businesses.”

“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 they were when they got up and boy that help, particularly when you have a long run ahead of you.”

“Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses.”