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Quote by Charlie Munger

“For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.”

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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“I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.”

People Thinking Stills Running Culture Fine Foundation Plus Stakes Continuation Buffett

Author:Charlie Munger

“Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very hard in the US. Eventually, if it keeps growing, it will stop growing. As Herb Stein said, "If something cannot go on forever, it will stop." When it stops, it may be unpleasant. Other than Herb Stein's quote, I have no comment. But the things that trouble you are troubling me.”

Ifs May Said Hard Courses Levels Forever Growing Trouble Huge Goes On Credit Debt Consumers Comment Herbs

Author:Charlie Munger

“If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to train yourself out of it.”

People Ifs Want Train Reactions Antipathy

Author:Charlie Munger

“If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That's simple psychological denial. The reality is too painful to bear, so you just distort it until it's bearable. We all do that to some extent, and it's a common psychological misjudgment that causes terrible problems.”

Ifs Thinking Men Problem Reality Mother Turns Causes Simple Common Television Son Bears Terrible Painful Obvious Criminals Innocent Psychological Denial Turn-on Bearable

Author:Charlie Munger

“Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for derivatives] is just disgusting. It is a sewer, and if I'm right, there will be hell to pay in due course. All of you will have to prepare to deal with a blow-up of derivative books.”

Ifs Kind Book Courses Results Deals Pay Hell Models Standards Blessed Blow Dues All Kinds Disgusting Earning Linked Adopted Theoretical Exotic Accounting Accountants Derivatives Sewers

Author:Charlie Munger

“No CEO examining books today understands what the hell is going on.”

Book Today Hell Ceo Examining

Author:Charlie Munger

“The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.”

People Book Impossible Happened Stupid Etc Bottles Accounting Inappropriate Accountants Derivatives Genies

Author:Charlie Munger

“To say accounting for derivatives is Americais a sewer is an insult to sewage.”

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Author:Charlie Munger

“If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.”

Ifs Character Directors Independent Fund Mutual Ballet Mutual Fund Lead Characters

Author:Charlie Munger

“A director who gets $150,000 per year from a company and needs the money is not independent.”

Needs Years Company Directors Independent

Author:Charlie Munger