A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
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 MungerCreative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
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