Quotes from Charlie Munger

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.

Alternatives to gold and currency and to make a big speculative vehicle - I never considered for one second having anything to do with it. I detested it the minute it had been raised.

What's the best way to get a good spouse? The best single way is to deserve a good spouse because a good spouse is by definition not nuts.

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.

A business model that relies on trickery is doomed to fail.

You must value the business in order to value the stock.

It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.

We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

See's candy company was the first high-quality business we ever bought.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

It's remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

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.

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

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

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.

I regard it as very unfair, but capitalism without failure is like religion without hell.

I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.

It's a rare business that doesn't have a way worse future than it has a past.

We have the same problem as everyone else: It's very hard to predict the future.