Charlie Munger: ‘The Phone Is Not Ringing Off the Hook’ ( LINK ) "The Practice of Value Investing" by Li Lu (November 2019 speec...

"If the business changes in a material way, you’d better change your business model. Or somebody else will. And then you’ll even have ...

"I think it’s hugely a mistake to think only about your probable misfortunes. You should also think about what’s good about your situa...

"Our model is a seamless web of trust that’s deserved on both sides. That’s what we’re aiming for. The Hollywood model, where everyone...

"GEICO to me is very much like Costco. And one of the reasons it’s succeeded is that they really feel a holy duty to have a wonderful ...

From Warren Buffett at the 1997 Berkshire Hathaway Annual Meeting :  30 years ago we didn’t know we would be in the insurance business.  ...

"Another thing to avoid is extremely intense ideology because it cabbages up one's mind. You see a lot of it in the worst of the T...

Link to video

Famed investor Charlie Munger shares insights into the ‘basic math of life’ at Redlands Forum [H/T @robertmackenzie )] ( LINK ) [Hopefully a...

"I think most people get very few, what I call, no-brainer opportunities, where it’s just so damned obvious that this is going to work...

"People underrate the importance of a few simple big ideas. And I think that to the extent Berkshire Hathaway is a didactic enterprise...

"I can’t give you a formulaic approach [to determining intrinsic value] because I don’t use one. I just mix all the factors and if the...

"When we own stock, we are not there to try and change people. Our luck in changing them is very low, anyway. In fact, Charlie and I h...

"If you need to use a computer or a calculator to make the calculation, you shouldn’t buy it. It should be so obvious that you don’t h...

"I would argue that differing people learn in differing ways. With me, I was put together by nature to learn from reading. If some guy...

"We could make a lot of decisions about a lot of things very fast and very easily. And we’re unusual in that respect. And the reason w...

"I would say that I like a certain amount of social intervention that takes some of the inequality out of results in capitalism. But I...

"It’s crazy to have people get so big and so important that you can’t allow them to fail, and allow them to be run with as much knaver...

From the 2003 Berkshire Hathaway Annual Meeting ... Charlie Munger:  Where a business requires practically no capital, we tend to rewar...

"The whole secret of investment is to find places where it’s safe and wise to non-diversify. It’s just that simple. Diversification is...