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Quote by Charlie Munger

“I'd rather throw a viper down my shirt front than hire a compensation consultant.”

Quote by Charlie Munger

Author

Charlie Munger, born on January 1, 1924, is a distinguished business person known for his investment philosophy and partnership with Warren Buffett at Berkshire Hathaway. He has been a significant influence in the field of finance and investing, contributing to the success of the company over the years. more

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“We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.”

Wells May Too Much Advantage Competition Decent Buying Fabulous Specialists Competitive Advantage

Author:Charlie Munger

“And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get even one person who's hell-bent on gaining market share.... For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.”

Ifs Thinking Persons Fighting Process Hell Share Crazy Example Decided Profit Ruins Makers Bent Cereal

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“Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very bright, hardworking people. And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times.”

People Knows World Fighting Valuable Insight All Time Make Sense Pretending Load Hardworking

Author:Charlie Munger

“A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.”

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Author:Charlie Munger

“I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.”

People Knows Black Born Spending Belts Black Belt

Author:Charlie Munger

“Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact. They become people of whom Philip Wylie observed: "You couldn't 't squeeze a dime between what they already know and what they will never learn."”

People Knows Process Achieve Information Originals Remains Tendencies Conclusion Dimes Philip

Author:Charlie Munger

“We have a history when things are really horrible of wading in when no one else will.”

Author:Charlie Munger

“We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting; it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.”

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Author:Charlie Munger

“Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.”

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Author:Charlie Munger

“A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, "Oh yes it is, because I'd publish the list of people under consideration."”

People Ifs Years Said Enough Three Causes President Easier Behavior Lists Consideration Publish

Author:Charlie Munger