Quote
"... much of what is taught in modern corporate finance courses is twaddle."
Charlie MungerBlue Chips business model eventually became obsolete, and its sales sl — Charlie Munger
"Blue Chips business model eventually became obsolete, and its sales slowly declined over the years, from $126 million in sales in 1970 to $1.5 million in 1990. But, in its heyday, under Charlies direction, Blue Chip used its surplus capital to purchase 100% of Sees Candies and 80% of a finance company called Wesco, which owned a savings and loan. Just as Warren had taken capital out of Berkshires failing textile operation to buy a thriving insurance company, National Indemnity, Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses. Eventually Blue Chip Stamp was merged into Berkshire Hathaway."
Charlie Munger
Charlie Munger
author19 quotes
Charles Thomas Munger was an American businessman, investor, attorney and philanthropist. He was the vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, from 1978 until his death in 2023. Buffett described Munger as his closest partner and right-hand man, and credited him with being the "architect" of modern Berkshire Hathaway's business philosophy.
More by Charlie Munger
View all →Charlie MungerQuote
"The first $100,000 is a bitch, but you gotta do it. I don’t care what you have to do — if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000. After that, you can ease off the gas a little bit."
Charlie MungerQuote
"... I regard it as a cinch that a great nation will in due time be Rome. ... Where is Rome? Where is Britain in its heyday? They all pass and so our turn is bound to come some day."
Charlie MungerQuote
"I see [Bitcoin as] an artificial speculative medium that people are buying just because they think they can sell it to somebody else at a higher price, even though it inherently has no intrinsic value. So, I regard the whole business as anti-social, stupid, immoral. [...] I regard the thing as a combination of dementia and immorality, and I think the people that are pushing it are a disgrace."
Charlie MungerQuote
"I dont think that she knows who Adam Smith was."
Charlie MungerQuote
"Obviously, you have to know accounting. Its the language of practical business life. It was a very useful thing to deliver to civilization. Ive heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double-entry bookkeeping was a hell of an invention. And its not that hard to understand. But you have to know enough about it to understand its limitations — because although accounting is the starting place, its only a crude approximation. And its not very hard to understand its limitations. For example, everyone can see that you have to more or less just guess at the useful life of a jet airplane or anything like that. Just because you express the depreciation rate in neat numbers doesnt make it anything you really know."
Charlie Munger