The wit and wisdom of Charlie Munger

[financeguy]

"Wall Street has too much wealth and political power. The system is dysfunctional for our country. There's more honor in investment management than in investment banking. I'm terribly conflicted. I hate it that bright young people are going into finance when all the Chinese are going into engineering. If we don't make substantial changes in the system we'll have another big mess."

"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. These people say to themselves: I need it and I want it, therefore I must have it. I come from a culture that sees reality better. Lehman under Dick Fuld was pathological, operating like a boiler room. It reminds me of a quote from the Mikado: 'I have a little list of those who will not be missed.'"

The Unadulterated Wit And Wisdom Of Charlie Munger - Forbes.com

 

[AEON]

I still remain hopeful that the events of the last few years will help our world to stop worshiping money and wealth and begin a new era of social and ecological responsibility. I still assert that in a very long, painful way things are getting better.

 

[financeguy]

I still remain hopeful that the events of the last few years will help our world to stop worshiping money and wealth and begin a new era of social and ecological responsibility. I still assert that in a very long, painful way things are getting better.

"I've been rich and I've been poor. Believe me, honey, rich is better." - Sophie Tucker, Russian born American singer and actress

 

[Achtung11]

The Unadulterated Wit And Wisdom Of Charlie Munger - Forbes.com

Charlie Munger



The man is a human encyclopedia.

 

[Achtung11]

I still remain hopeful that the events of the last few years will help our world to stop worshiping money and wealth and begin a new era of social and ecological responsibility. I still assert that in a very long, painful way things are getting better.

While we will become more socially and ecologically responsible, we will always worship money and wealth. People have a very short memory. In the near term, maybe for the next 5 years or so, people will spend less, be less attracted to the stock market, etc. But there surely will be another financial crisis in the next decade or two, led by greed and over-leveraging.