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Return Quotes

“We exist only by virtue of what we possess, we possess only what is really present to us, and many of our memories, our moods, our ideas sail away on a voyage of their own until they are lost to sight! Then we can no longer take them into account in the total which is our personality. But they know of secret paths by which to return to us.”

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Book:Remembrance of Things Past: The captive. The fugitive. Time regained
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“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.”

WorldYearsRealHappensOpportunityGamesModernChangedTheoryReturnCostFindingsEconomicsInvestmentCompareAttractiveReal WorldPortfoliosFreshmanDreamlandOpportunity Cost
Author:Charlie Munger
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“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.”

YearsTwoLosesLossResultsCompanyRiskExampleReturnTerriblePermanentNutsQuartersSteadyCandyInadequateGreat BusinessVolatility
Author:Charlie Munger
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“Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.”

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Author:Charlie Munger
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“If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.”

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Author:Charlie Munger
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“Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.”

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Author:Charlie Munger
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“We get caught. How? Not by what we give but by what we expect. We get misery in return for our love: not from the fact that we love but from the fact that we want love in return. There is no misery where there is no want. Desire, want, is the father of all misery. Desires are bound by the laws of success and failure. Desires must bring misery.”

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Book:Vedanta: Voice of Freedom
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“The Americans of other blood must remember that the man who in good faith and without reservations gives up another country for this must in return receive exactly the same rights, not merely legal, but social and spiritual, that other Americans proudly possess. We of the United States belong to a new and separate nationality. We are all Americans and nothing else, and each, without regard to his birthplace, creed, or national origin, is entitled to exactly the same rights as all other Americans.”

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Book:Roosevelt in the Kansas City Star: War-time Editorials
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“It is commonplace of all religious thought that the man seeking visions and insight must go apart from his fellows and live for a while in the wilderness. If he is of proper sort, he will return with a message. It may not be a message from the god he set out to seek but even if he has failed in that particular, he will have had a vision or seen a marvel and these are always worth listening to or thinking about.”

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Author:Loren Eiseley
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“If I should be fated to walk no more with Nature, be compelled to leave all I most devoutly love in the wilderness, return to civilization and be twisted into the characterless cable of society, then these sweet, free, cumberless rovings will be as chinks and slits on life's horizon, through which I may obtain glimpses of the treasures that lie in God's wilds beyond my reach.”

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Book:The High Sierra of California
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“The theory of government I was taught says that government provides benefits, primarily security, to the entire population. In return we pay taxes. But lately the government has been a distributor of special privileges, taking money from some and giving it to others. America is now about evenly split between those who pay income taxes and those who consume them.”

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Author:John Stossel
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“Capturing Saddam Hussein and ensuring that this brutal dictator will never return to power is an important step toward stabilizing Iraq for the Iraqis. Let's also be clear: Our problems in Iraq have not been caused by one man, and this is a moment when the administration can and must launch a major effort to gain international support and win the peace.”

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Author:John F. Kerry
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“We are destined to be a barrier against the return of ignorance and barbarism. Old Europe will have to lean on our shoulders, and to hobble along by our side, under the monkish trammels of priests and kings, as she can. What a colossus shall we be when the southern continent comes up to our mark! What a stand will it seem as a ralliance for the reason and freedom of the globe!”

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Book:The Papers of Thomas Jefferson: Retirement Series, Volume 10: 1 May 1816 to 18 January 1817
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