Welcome

My Quotes in The-Best-of-Charlie-Munger-1994-2011

292 Kuotes | 50 Books

Search:


Import Kindle clippings easily

Beta status: Bulk Kuote import!!!!

Log in & Sign in using:

The-Best-of-Charlie-Munger-1994-2011

es6.mike@gmail.com
Q39: The question was about Ben Franklin?s role in his life. Munger : Franklin said something to the effect of: ?When the citizens of the world find out that they can vote themselves into money, they end of the civilization is nigh.? People now act as if they need it, want it and deserve it (money and power that is). These are pathetic adults acting like children. If Franklin were alive today he would highlight this issue.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5894-5897 | Added on Tuesday, 20 August 13 02:31:27
Permalink Share Paper Clasic Modern +Kuotes
When he was a kid he loved Sherlock Holmes. Then, later in life he read a paperback that included the total work of Arthur Conan Doyle. He found that some of the non-Sherlock Holmes stuff was just awful. The Sherlock Holmes genre was a gold mine. Conan Doyle wasn?t even that good?he just stumbled into the right gold mine. However, Charlie likes the idea that he can now admit that what he once admired was not that good. He also likes to better understand how important it is to stumble on the right gold mine.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5837-5841 | Added on Tuesday, 20 August 13 02:26:56
Permalink Share Paper Clasic Modern +Kuotes
That is not the Munger system. In his eyes you go through life looking for pain and taking it advance. It makes you a protector of yourself and your employer.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5825-5826 | Added on Tuesday, 20 August 13 02:25:36
Permalink Share Paper Clasic Modern +Kuotes
Lee Kwan Yew of Singapore. He helped change China. Where did Lee Kwan Yew learn his values? He was educated in England and was English speaking all of his life. As such, a lot of the culture of this room was absorbed by Singapore. If China becomes the greatest nation in the world, some of our best virtues will be a part of that country as well.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5805-5807 | Added on Tuesday, 20 August 13 02:22:12
Permalink Share Paper Clasic Modern +Kuotes
Q22: Could we get a list of the 99 mental models he uses? Munger: The women who asked the question appraises him higher than he does himself. He can?t do that!
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5793-5794 | Added on Tuesday, 20 August 13 02:20:05
Permalink Share Paper Clasic Modern +Kuotes
There is an advantage if you have a temperament that allows you to cope with problems that others can?t understand. He prefers hard problems and doesn?t want to be a dentist (who follows simple processes over and over).
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5785-5786 | Added on Tuesday, 20 August 13 02:19:08
Permalink Share Paper Clasic Modern +Kuotes
Keynes wrote The Economic Consequences of Peace (in 1919?in which he argued for a more generous peace) and people later realized he was right.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5674-5675 | Added on Tuesday, 20 August 13 02:05:49
Permalink Share Paper Clasic Modern +Kuotes
What major person in the US has been embarrassed by US accounting? Very few. But one such person is Jamie Dimon of JP Morgan who has written scathing criticisms of the accounting rules in his annual reports.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5638-5639 | Added on Tuesday, 20 August 13 02:02:02
Permalink Share Paper Clasic Modern +Kuotes
What is needed is a lifelong learning process?this is both helpful and a lot of fun. He said that he has had so much fun learning. In fact, it is amusing to see economics professors spending all these man hours on silly problems that he could solve with his left hand even though he never took a class in economics.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5624-5626 | Added on Tuesday, 20 August 13 02:00:17
Permalink Share Paper Clasic Modern +Kuotes
Another advantage to BRK?s process was that Warren and Charlie were learning as they went. They didn?t understand the power of a great brand until they bought See?s Candy. They found that they could raise the price 10-15% each year and nobody cared. This understanding then changed BRK and its investment pattern. We are all ignorant?no one knows enough now to cope with the future. His motto is to pay yourself first?protect your own mind and make it better. You always have to learn. Increasing rationality is a moral duty and it is very important to keep improving as much as you can. That?s how he and Warren went at it and it worked well.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5616-5620 | Added on Tuesday, 20 August 13 01:59:39
Permalink Share Paper Clasic Modern +Kuotes
It is ?boring? to run a business and make sure each restaurant is clean, for example. It is much more fun to look for things to buy. However, almost any data suggests that most shareholders lose with all of these mergers? academic studies prove this. But, BRK shareholders did not lose because he and Warren only did 3 things and were patient. They were able to be patient because they had something else to do with the money. They had the option to buy marketable securities. Most companies don?t have this option and the combination of options gave them a respectable repertoire provided that they were patient.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5608-5612 | Added on Tuesday, 20 August 13 01:57:40
Permalink Share Paper Clasic Modern +Kuotes
Each time the cash register rings he or she gets an ?aha? feeling. There are lots of rewards and punishment in free market capitalism that do not necessarily apply to someone who works for the Department of Agriculture (and can?t be fired) or who is a communist in Eastern Europe.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5600-5602 | Added on Tuesday, 20 August 13 01:56:32
Permalink Share Paper Clasic Modern +Kuotes
I don?t know anyone who?s really wise in the practical world who reads no newspapers.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5544-5545 | Added on Tuesday, 20 August 13 01:49:29
Permalink Share Paper Clasic Modern +Kuotes
Q (Fund manager, New Delhi) I admire your ?lattice work? model but in applying it find that adding to one?s toolkit takes a long time because you have to fit new things into a complicated framework. Is this inevitable or is there a way to speed up integration? A I was born with a mind that works that way and am also curious, so learning isn?t work but play. If your nature?s different, you?ll ?have to figure out your own damn answer.?
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5487-5490 | Added on Tuesday, 20 August 13 01:41:27
Permalink Share Paper Clasic Modern +Kuotes
a Woody Allen line: ?Today we are at a crossroad. One road leads to hopelessness and despair; the other to total extinction. Let us pray we choose wisely.?]
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5478-5479 | Added on Tuesday, 20 August 13 01:37:34
Permalink Share Paper Clasic Modern +Kuotes
Q (Alex Laga, a BRK and Wesco shareholder, Milwaukee) An engineering mentality is prone to paralysis by analysis and to a fascination with models for their own sake. How does one avoid that? A Look at BYD: 16,000 engineers but determined to be rational. They don?t like unnecessary delays, nor analysis for the sake of analysis. By contrast, India has too much paralysis by analysis.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5460-5463 | Added on Tuesday, 20 August 13 01:34:31
Permalink Share Paper Clasic Modern +Kuotes
Q (New York BRK shareholder) How big a problem are distorted incentives of regulators vs. the regulated (pay differentials and regulators hoping for later jobs in industry)? In Singapore. . . A Yes, it?s a problem, and yes, I like Lee Kwan Yew?s solution of raising regulators? pay (he also has draconian anti-corruption policies). But in the US, I think the problem with regulators is more ?cognitive insufficiency? than corruption.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5439-5442 | Added on Tuesday, 20 August 13 00:48:31
Permalink Share Paper Clasic Modern +Kuotes
Is there any example to give us cheer? Yes, Lee Kwan Yew of Singapore. The average guy in his ethnic group married a pretty but less intelligent woman; Lee, however, noticed one who was slightly smarter than he was, and married her. His son is now prime minister. Lee drained the malarial swamps without worrying the effect on some little fish, fined people with stagnant water in their back yards, and got rid of malaria. To solve the drug problem, he looked around and found the solution in the US, of all places. He copied our military: urine tests at any time and mandatory rehab on failure. His policy was to check hard anything that might grow like cancer. If you tried to start a gang, your fifth or sixth recruit would turn out to be in the secret service. It led to prosperity. It was paternalistic, but we need more attention to his model. Singapore doesn?t have 100% free speech; it?s a crime to insult the ethnic Malay minority. Charlie thinks Lee?s Singapore has had a positive influence on China. They saw the Cultural Revolution wasn?t working and were impressed by what they saw in Singapore. Charlie wishes we were more like Singapore; ?in many respects we?re too damn permissive.?
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5401-5409 | Added on Tuesday, 20 August 13 00:44:59
Permalink Share Paper Clasic Modern +Kuotes
Going back to teaching business history as Harvard used to would be good; there?s a lot to be learned from the rise and fall of GM, or the rise/fall/rise of railroads.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5364-5366 | Added on Tuesday, 20 August 13 00:40:32
Permalink Share Paper Clasic Modern +Kuotes
Peter Kauffman is here, he tries to get his suppliers to make money. That is win win. I think a huge mistake to try to rip off suppliers.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5337-5338 | Added on Saturday, 17 August 13 00:28:19
Permalink Share Paper Clasic Modern +Kuotes

's Books


THE NEW ATKINS FOR A NEW YOU Westman, Dr. Eric C.; Phinney, Dr. Stephen D.; Volek, Dr. Jeff S. 72 Kuotes Cosmos Carl Sagan 82 Kuotes Steve Jobs Walter Isaacson 220 Kuotes Photo Inspiration: Secrets Behind Stunning Images Russell, Dianne 41 Kuotes The Rough Guide to Nepal Rough Guide to... 92 Kuotes SEGURIDAD ALIMENTARIA CAMBIOS QUINUA EXPORTACIÓN 54 Kuotes The Charge Brendon Burchard 189 Kuotes Mcdonal. Global-Movements-Action-Culture 105 Kuotes Frankenstein Shelley, Mary Wollstonecraft 35 Kuotes La peste Albert Camus 85 Kuotes Manual do Candidato - História do Brasil João Daniel Lima de Almeida 110 Kuotes Dios Cristiano "Espíritu Santo" Juan Carlos Mesen 101 Kuotes VIVIR BIEN PARADIGMA NO CAPITALISTA 58 Kuotes Bolaño Roberto - Los Detectives Salvajes USER 90 Kuotes Steve Jobs Walter Isaacson 220 Kuotes Platform: Get Noticed in a Noisy World Michael Hyatt 57 Kuotes 2015 O Brasil no Conselho de Seguranca da ONU_2010_2011 89 Kuotes ¿Comer de nuestra tierra? Estudios de caso sobre tierra y producción de alimentos en Bolivia Fundación TIERRA 46 Kuotes The Game Strauss, Neil 236 Kuotes JOVENES MIGRACIÓN POTOSI - TESIS ALEMANA Katharina Jochem 114 Kuotes Cómo ser mujer Panorama de narrativas 76 Kuotes ARQUEOLOGA DE LA SOCIOLOGA AMBIENTAL x 36 Kuotes SEO, Blogging etc: Sunday, Dec. 30 Instapaper 51 Kuotes Common Google Analytics Mistakes that kill your Analysis, Reporting and Conversions seotakeaways.com 61 Kuotes Quarto Livro de Crónicas LOBO ANTUNES, ANTÓNIO 90 Kuotes Las Leyes generales del ambiente y los códigos de minería de los países andinos. Instumentos de gestión ambiental y minero ambiental. Eduardo Chaparro y Catalina Moreno 56 Kuotes Food Rules Pollan, Michael 236 Kuotes Cometas en el cielo Khaled Hosseini 127 Kuotes El nombre del viento Patrick Rothfuss 49 Kuotes El Triunfo De La Fundación David Brin 31 Kuotes Los media y la modernidad - John B. Thompson 44 Kuotes Palabras Clave - Vocabulario De Cultura Y Sociedad Raymond Williams 503 Kuotes Educarse en la era digital. La escuela educativa Ángel I. Pérez Gomez 170 Kuotes PB005 Ismeretlen 187 Kuotes Ontologia del lenguaje - Cap I, II y X Acer 72 Kuotes La Galatea Juan 911 Kuotes Clase 5 17 de octubre: Inversión extranjera directa, flujos financieros internacionales y desarrollo 108 Kuotes Cigarettes and Alcohol: Andy Capp Paul Slade 40 Kuotes Juego de tronos George Martin 58 Kuotes Teaching in a Networked Classroom Savage, Jonathan 52 Kuotes Instapaper: Monday, Aug. 19th Instapaper 34 Kuotes La peste table des matières hyperliée 85 Kuotes Wheat Belly William Davis, MD 219 Kuotes Congestión de Tránsito, el problema y cómo enfrentarlo Cuaderno CEPAL No. 87 - lcg2199p - julio 2003 Alberto Bull compilador 64 Kuotes Instapaper: Tuesday, Jun. 18 Instapaper 91 Kuotes 67178025-Halajtayata-Racismo-y-Etnicidad-en-Bolivia Garza Azul 174 Kuotes KindleSEOMOZ2 summa 280 Kuotes La protección social de cara al futuro: Acceso, financiamiento y solidaridad CEPAL 64 Kuotes Instapaper: Tuesday, May. 21 Instapaper 46 Kuotes De las culturas juveniles al estilo Feixa Pampols, Carles 38 Kuotes