Charlie Munger Quotes

If you want to build a startup that has a good chance of succeeding, don't listen to me. Listen to Paul Graham and others who are applying tons of data to the idea of startup success. That will maximize your chance of being successful.

Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.

If a company is profitable, the founder is in control. If it's not, investors are in control.

We plan absentee ownership as far as running the Yankees is concerned.

Corporate governance should be done more through principles than rules.

In the ideal scenario, consultants work for a board, and they're helping the board check on certain aspects of management. Their work is made public and transparent.

I love criticism. Equitable Life went down because management wouldn't brook criticism, but if you are in business, you have to hear what's going wrong.

The Interros strategy toward various assets generally depends on the stage of their development and level of their maturity.

Sealed Management

I think every company has its own unique approach to creating shareholder value.

In any given day, our administration has about 2 million employees, and things happen. We put in process procedures to make sure if there has been any wrongdoing, there will be appropriate consequences, and we will move on.

The investor world that looks at studios as part of media companies will say that the studio business is supposed to be erratic. Not at our company. Not at Time Warner.

We live in cautious times where HR has a very inflated sense of authority over companies.

We have to have a business model that can be a sustainable and acceptable one to both regulators and the other stakeholders, clients, and investors.

We believe that we can deliver better shareholder value by remaining an independent retailer.

Everything I do in investment is just very different.

I kind of liked the method of the seventies where they would throw a little bit of money at a hundred different groups - not millions of dollars per group, but, you know, a few thousand. Throw them in the studio, and if five of those groups came out with a hit record it would be money well spent.

Everybody has a different strategy, but everybody agrees that active management does not beat the market.

To win big, you sometimes have to take big risks.

Short-term market and economic prognostication is largely a fool’s errand, we invest according to a strategy that makes the need to rely on short-term market or economic assessments largely irrelevant.

It is far more difficult... to know when to sell a stock than when to buy.

There are different ways to organise capitalism. Free-market capitalism is only one of them-and not a very good one at that.

Who is to guard the guards themselves?

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.