751 Quotes by Charlie Munger

After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.

This is an amazingly sound place. We are more disaster-resistant than most other places. We haven't pushed it as hard as other people would have pushed it. I don't want to go back to Go. I've been to Go. A lot of our shareholders have a majority of their net worth in Berkshire, and they don't want to go back to Go either.

We're the tortoise that has outrun the hare because it chose the easy predictions.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Wesco] just before a calamity. Both were bought at a discount to liquidation value.

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.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

We have the same problem as everyone else: It's very hard to predict the future...

If (investing) weren't a little difficult, everybody would be rich.