There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty.
Charlie MungerMost people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie MungerOnce you get into debt, itโs hell to get out. Donโt let credit card debt carry over. You canโt get ahead paying eighteen percent.
Charlie MungerWe bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value.
Charlie MungerBerkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.
Charlie MungerI see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
Charlie MungerIn investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
Charlie Munger