751 Quotes by Charlie Munger

It took us months of buying all the Coke stock we could to accumulate $1 billion worth – equal to 7% of the company. It’s very hard to accumulate major positions.

When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’

Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don’t need these kinds of innovation in finance. It’s OK to be boring in finance. What we want is innovation in widgets.

I’m proud to be associated with the value system at Berkshire Hathaway; I think you’ll make more money in the end with good ethics than bad.

Here’s one truth that perhaps your typical investment counselor would disagree with: if you’re comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.

It’s not supposed to be easy. Anyone who finds it easy is stupid.

To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.

I won't bet $100 against house odds between now and the grave.

Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You’ve got whole categories of things you just bat away so your brain isn’t cluttered with them. That way, you’re better able to pick up a few sensible things to do.