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There's more honor in investment management than in investment banking.

- Charlie Munger
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Author:
Charlie Munger
Tags:
Finance
Honor
Investment
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Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses.

Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.

I'm a great admirer of the Trump change of mind about China and making an ally out of China instead of screaming about their trade.

I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may be instructive to think that whatever you're doing to succeed is all right.

It's remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

That's the last thing on Earth you should think about... There's just a whole lot of things that aren't going to work for you. Figure out what they are and avoid them like the plague. And one of them is bitcoin... It is total insanity.

You need a different checklist and different mental models for different companies.

I will say this: I know no wise person who doesn't read a lot. I suspect that you can read on the computer now and get a lot of benefit out of it, but I doubt that it'll work as well as reading print worked for me.

Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.

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There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.

There's more honor in investment management than in investment banking.