Charlie Munger
Charlie Munger
Charles Thomas Mungeris an American businessman, lawyer, investor, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; in this capacity, Buffett describes Charlie Munger as “my partner." Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also the chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation...
NationalityAmerican
ProfessionEntrepreneur
Date of Birth1 January 1924
CountryUnited States of America
If it is wisdom you're after, you're going to spend a lot of time on your ass reading.
If it happens every year like clockwork, what's so extraordinary about it?
If you can get good at destroying your own wrong ideas, that is a great gift.
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.
If you can buy the best companies, over time the pricing takes care of itself.
If the value of a company doesn't just scream out at you, it's too close.
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
It's been my experience in life if you just keep thinking and reading, you don't have to work.
Deliver to the world what you would buy if you were on the other end.
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?
The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends to shareholders are zero. This is a very peculiar way to run a republic.