751 Quotes by Charlie Munger
- Author Charlie Munger
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
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I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and will use money to get votes. If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record. It happens over the long-term under any form of government.
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You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.
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You have a real asset-price bubble in places like parts of California and the suburbs of Washington, D.C.
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One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.
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You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
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We have a passion for keeping things simple.
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We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.
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Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.
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