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Quote by Charlie Munger

“The investment game is getting more and more competitive.”

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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“An investment decision in the common stock of a company frequently involves a whole lot of factors interacting ... the one thing that causes the most trouble is when you combine a bunch of these together, you get this lollapalooza effect.”

Whole Together Causes Decision Common Company Trouble One Thing Effects Investment Bunch Factors Interacting

Author:Charlie Munger

“If (investing) weren't a little difficult, everybody would be rich.”

Ifs Littles Would Be Difficult Rich Investing

Author:Charlie Munger

“To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.”

Knows Looks Two Enough Three Winning Chance Pay Horse Investing Going Out Gamble Betting One Chance

Author:Charlie Munger

“The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test.”

Years Wanted Culture Deals Moral Millions Protect Years Ago Tests Sells Investment Profit Clients Banking Adequate Bankers Investment Banking Retailing

Author:Charlie Munger

“The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We talk about welcoming partners. The guy doing deals, he wants to do a deal and then unwind it in the near future. It's totally opposite for us. We like to build lasting relationships. I think our system will work better in the long term than flipping deals. I think there are so many of them [helpers] that they'll get in ea h other's way. I don't think they'll make enough money to meet their expectations, by flipping, flipping, flipping.”

Thinking Way Want Long Enough Running Guy Term Interesting Deals Expectations Opposites Mindset Partners Welcome Long Term Lasting Interesting Things Helpers Unwind Lasting Relationship

Author:Charlie Munger

“The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.”

“A foreign correspondent, after talking to me for a while, once said: "You don't seem smart enough to be so good at what you're doing. Do you have an explanation?"”

Said Enough Seems Talking Smart Explanation

Author:Charlie Munger

“When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.”

People Ifs World Should Would Be Young Ready Smart Advantage Should Have Army Crisis Investment Department Etc Fund Lots Of Money Smart People

Author:Charlie Munger

“Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it - I don't think I've created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.”

Thinking Knows Humans Reason School Law Left Bits Lord Share Subjects Ignorance Terrible Harvard Law School Harvard Law School

Author:Charlie Munger

“You must be willing to give total unconditional love to everyone, under all circumstances. That means being willing to be totally responsible for what you do and how you do it.”

Giving Mean Willing Circumstances Responsible Unconditional Love Unconditional

Book:In The Meantime: Finding Yourself And The Love You Want

Source: In The Meantime: Finding Yourself And The Love You Want