Charlie Munger Quotes

More money is lost anticipating the changes in the overall stock market than any other way of investing.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

I could never gamble on stocks and shares because I saw my father get hurt that way - he lost quite a lot of money when the stock market collapsed in 2001.

If you were approaching the TARP investments from a pure investment standpoint, then there's no doubt in my mind the taxpayer lost, and probably lost big.

Speculation, in its broadest sense, is not an evil in itself, but the contrary, and relieves public distress far oftener than it creates it.

I got an E-Trade account. Turns out I can turn $1,000 into $420 in less than a week. Sure, I had to pay some fees.

Speculator: One who bought stocks that went down.

Investing is fun and exciting, but dangerous if you don't do any work.

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.

If your investing approach requires that you become Nostradamus to succeed, then you are destined to fail.

Losing your capital is like losing your trousers. It is a real humiliation, and one not to be soon repeated.

What's so seductive about the efficient markets hypothesis is that it applies nine years out of ten. A lot of the time it works. But when it stops working, you blow up.

If you are not making any mistakes, you are being excessively risk-averse. Investing involves risk, and that means you will occasionally be wrong. And although it is okay to be wrong, it is not okay to stay wrong.

The main purpose of the stock market is to make fools of as many men as possible.

If you think too-big-to-fail banks are not worthy of investment because of their impossible-to-read balance sheets, well then, don't buy them.

I don't really like hedging. To me, if something needs to be hedged, you shouldn't have a position in it.

Never give anyone the advice to buy or sell shares, because the most benevolent price of advice can turn out badly.

I've learned that all investments have risk.

The best restraint is old-fashioned market discipline, in which financial traders know that they, personally, will lose a ton of money if they take risky bets that don't pan out.

My advice to most people is don't short stocks. It's a very, very difficult business. And you can really get clobbered.

There is scarcely an instance of a man who has made a fortune by speculation and kept it

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional activities as banks try to rebuild their balance sheets.

In every stockjobbing swindle every one knows that some time or other the crash must come, but every one hopes that it may fall on the head of his neighbor, after he himself has caught the shower of gold and placed it in safety.

A broker is a man who runs your fortune into a shoestring.