"He who walks with billionaires, will become a billionaire." ~ Christopher Kozoriz

Charles T. Munger - Quotes

Vice Chairman of Berkshire Hathaway

"A great business at a fair price is superior to a fair business at a great price."

"All intelligent investing is value investing - acquiring more than you are paying for."

"...being an effective teacher is a high calling."

"Choose clients as you would choose friends."

"Don't do cocaine. Don't race trains. And avoid AIDS situations."

"I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart..."

"If only I had the influence with my wife and children that I have in some other quarters!"

"If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply."

"In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco."

"In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table."

"In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none, zero."

"...it never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles."

"I try to get rid of people who always confidently answer questions about which they don't have any real knowledge."

"It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities."

"No wise pilot, no matter how great his talent and experience, fails to use his checklist."

"Once you get into debt, it's hell to get out. Don't let credit card debt carry over. You can't get ahead paying eighteen percent."

"Spend each day trying to be a little wiser than you were when you woke up."

"Spend less that you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer."

"Take a simple idea and take it seriously."

"The best armour of old age is a well-spent life preceding it."

"There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn't awash in cash - and I don't want to go back."

"Three rules for a career: 1) Don't sell anything you wouldn't buy yourself; 2) Don't work for anyone you don't respect and admire; and 3) Work only with people you enjoy."

"We look for a horse with one chance in two of winning and which pays you three to one."

"When you borrow a man's car, always return it with a tank of gas."

"Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest."

"You don't have to be brilliant, only a little wiser than the other guys, on average, for a long, long time."

"You're looking for a misplaced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing."