751 Quotes by Charlie Munger

Whoever makes you smarter a little earlier in life makes you better.

It’s dangerous to short stocks.

I think gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939, but civilized people don’t buy gold, they invest in productive businesses.

All sensible investing is value investing.

You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.

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.

It’s hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they’ll pound each other. I know of no way to predict whether they’ll compete moderately or to the death. If you could figure it out, you could make a lot of money.

Wells Fargo behaves better than the average big bank. But nobody’s perfect.

If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.