751 Quotes by Charlie Munger

You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period of time.

Choose clients as you would friends.

I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.

People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.

Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make predictions regarding human behavior. We stuck to the basics with a certain amount of discipline and it has worked out quite well.

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.

It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.