Charlie Munger Quotes

Well, there's always risk in long-term investment.

For all long-term investors, there is only one objective-maximum total real return after taxes.

The mandate that I got from my investors is to invest. So far, we are on the right track, and it is the right formula to invest in Indonesia.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.

Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.

When it comes to money, the best investments were probably the ones I did not make.

The beauty of diversification is it's about as close as you can get to a free lunch in investing.

I really did believe that the most successful investments were the ones that you could own for the long run.

Having the opportunity to follow the market frequently gives you the opportunity to see if you need to reevaluate your portfolio. But reevaluating your portfolio shouldn't trigger a sell signal so frequently.

We believe that people moving their portfolios to an overweight in bonds will be disappointed over the long-term and will significantly underperform an asset allocation that over-weights equities.

When buying shares, ask yourself, would you buy the whole company?

Investing should be dull. It shouldn't be exciting.

Regardless of what the future holds, intelligent investment in common stocks offer a solid route for a reasonable return on investment going forward.

I seek individual investments that will allow me to target total portfolio returns of at least 20% annually after fees and expenses on an annual basis over a period of years, not months.

Trust me: I know a good investment when I see one.

Volatility is not something that is a great fit for Duke if you look at the level of dividend we pay.

Investing is the greatest business in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like; then, when the fielders are asleep, you step up and hit it.

If you can't find any companies that you think are attractive, put your money in the bank until you discover some.

Since there are a wide range of entrepreneurs fundraising at any given time, I looked at each opportunity as it has arisen and on its own merits. Then I've sat down with my financial advisers, we've looked at the numbers and gone for the businesses I believe have real potential.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

Strategy is, above all else, the search for above average returns.

A real capitalist knows that $10 given today does a lot more good than $100 given 10 years from now.

There is something in people; you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.