751 Quotes by Charlie Munger

I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues – they may know a lot of French however.

Remember that reputation and integrity are your most valuable assets – and can be lost in a heartbeat.

As I continued through Cicero’s pages, I found much more material celebrating my way of life...

I see almost no change in the price of the composite product that flows through Costco I don’t feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.

Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a really good idea. You must avoid the nonsense that is conventional in one’s own time. It requires developing systems of thought that improve your batting average over time.

It’s not the bad ideas that do you in, but the good ones.

All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.

An idea or a fact is not worth more merely because it’s more available to you.

Wrigley is a great business, but that doesn’t solve the problem. Buying great businesses at advantageous prices is very tough.