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Quote by Charlie Munger

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Charlie Munger
Charlie Munger

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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“So you can get very remarkable investment results if you think more like a winning pari-mutuel player. Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple.”

IfsThinkingEnoughGamesWinningSimpleResultsPlayerSmartLifetimeInvestmentHeavyRemarkableLoadOddsOccasionalBeing SmartCraziness
Author:Charlie Munger
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“There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly people in each department who don't see the big picture.”

PeopleHardBigsTeachingUniversityDepartmentRemoveFacultyDefectsBig PictureAmerican UniversitiesDisconnectedness
Author:Charlie Munger
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“A different set of incentives from rising in an economic establishment where the rewards system, again, the reinforcement, comes from being a truffle hound. That's what Jacob Viner, the great economist called it: the truffle hound - an animal so bred and trained for one narrow purpose that he wasn't much good at anything else, and that is the reward system in a lot of academic departments.”

DifferentPurposeAnimalEconomicRewardsRisingDepartmentEstablishmentAcademicEconomistIncentivesJacobHoundsReinforcementTruffles
Author:Charlie Munger
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