751 Quotes by Charlie Munger

I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I’ve seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.

I don’t invest in what I don’t understand. And I don’t want to understand Facebook.

Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.

We don’t like trading agony for money.

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn’t have rules that prevent it.

We have three baskets for investing: yes, no and too tough to understand.

You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.

We have a high moral responsibility to be rational.

If you always tell people why, they’ll understand it better, they’ll consider it more important, and they’ll be more likely to comply.