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Quote by Charlie Munger

“There's no way that you can live an adequate life without making many mistakes.”

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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“Our biggest mistakes, were things we didn't do, companies we didn't buy.”

Mistake Company Biggest Mistake

Author:Charlie Munger

“Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.”

Company Dues Muscles Buying Supermarkets Moats Costco Buying Power

Author:Charlie Munger

“How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.”

Trying Fanatics Moats

Author:Charlie Munger

“There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, " What good is health? You can't buy money with it."”

People Men Way Said Important Play Golf Confused Things In Life

Author:Charlie Munger

“It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities, incentive pay, all trading, etc. Nobody else has used figures that high, but that's my guess. Worst of all, the people doing this are among the best and the brightest. Hundreds and thousands of engineers, etc. are going into hedge funds and investment banking. That is not an intelligent allocation of the brainpower of the civilization.”

“The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.”

People Way Wells Today Terrible Paid Management Like Something Money Management

Author:Charlie Munger

“It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.”

Men Natural Brain Huge Easier Management Investment Physics Income Sugar Banking Incentives Ants Money Management Investment Banking

Author:Charlie Munger

“I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.”

Thinking Said Reason Stories Guy Position Management Green Sells Investment Fishes Managers Reason Why Fishing Purple Salesman Lure Idiocy Investment Management

Author:Charlie Munger

“Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.”

Ends Next Easy Moral Steps Next Steps Sewers

Author:Charlie Munger

“We believe there should be a huge area between everything you should do and everything you can do without getting into legal trouble. I don't think you should come anywhere near that line. We don't deserve much credit for this. It helps us make more money. I'd like to believe that we'd behave well even if it didn't work. But more often, we've made extra money from doing the right thing. Ben Franklin said I'm not moral because of it's the right thing to do - but because it's the best policy.”