American - Businessman | January 1, 1924 -
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned fool.
Charlie Munger
TimeFoolManThinkRealityAgain
I will say this: I know no wise person who doesn't read a lot. I suspect that you can read on the computer now and get a lot of benefit out of it, but I doubt that it'll work as well as reading print worked for me.
WorkWiseMeReadingDoubtYou
I believe Costco does more for civilization than the Rockefeller Foundation. I think it's a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat.
GoodPeopleBelieveThinkBetter
Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses.
FamilyGreatPeopleGoldThinkYou
If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change.
ChangeMoneyBetterYouOthersOdds
I've got some advice for the young: If you've got anything you really want to do, don't wait until you're 93.
WaitAdviceYouYoungWantAnything
If any successes has come to me, it came because I insisted on thinking things through. That's all I was capable of doing in life, was thinking pretty hard about trying to get the right answer, and then acting on it. I never learned to do anything else.
LifeMeThinkingDoingActingNever
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
SuccessReadingGenerationLookWill
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
MoneyCrazyRulesToo MuchGoLoan
I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics than bad.
GoodMoneyValueEthicsProudThink
Wall Street has too much wealth and political power.
PowerFinancePoliticalWealthWall
I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may be instructive to think that whatever you're doing to succeed is all right.
PeopleSucceedThinkRealityDoing
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