Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away... I mean it just absolutely is designed to manipulate people into idiotic behavior.
Charlie MungerWeโre partial to putting out large amounts of money where we wonโt have to make another decision.
Charlie MungerAny year that you don't destroy one of your best-loved ideas is probably a wasted year
Charlie MungerIf we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.
Charlie MungerDevelop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.
Charlie MungerMutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.
Charlie Munger