A Quote by Charlie Munger
The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.
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The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.
When you pretend for a living and you have to pretend in your private life as well, it's very sad. Because it's intangible, depression is an issue that people don't like to talk about. It's like a huge, guilty secret.
Until part of your paycheck is regularly paid in Bitcoin, I'm not sure how it would really go mainstream. I can imagine places in the world where there are not functioning banking systems or payroll systems, where it could go mainstream first because you're not trying to replace the way people are already doing something.
Don't spend all of your money a quarter at a time. Save up and buy something special, something fine, something of lasting value, or something that will give you rich memories for a lifetime. Remember, all that candy money can add up to a small fortune.
I like the financial security because I know how hard it is for so many people who struggle to earn a living. I'm grateful I don't have to worry about money and I can live very freely and do something I love and get paid very well to do it. I tell my friends to slap me if they ever think I'm getting full of myself.
In economics, one of the most important concepts is 'opportunity cost' - the idea that once you spend your money on something, you can't spend it again on something else.
Your Englishman, confronted by something abnormal will always pretend that it isn't there. If, however, you force him to look into it, he'll at once pretend that he sees the object not for what it is but for something that he would like it to be.
The oil corporations spend a lot of money to get, say, the tar sands pipeline through, but nobody's - you know, there are definitely environmentalists being paid - but a lot of people are acting for something other than financial compensation. So if the tar sands pipeline doesn't get made, it's because a huge amount of people are doing something that doesn't involve remuneration, money, etc., because we're not actually the self-interested financial instruments that economists like to imagine we are.
There's a right way and a wrong way to do things. If you make a chair, you want to make a nice chair. You want people to admire it. I think doing something well is a form of respect for humanity in general. I have found that all incompetence comes from not paying attention, which comes from people doing something that they don't want to do. And doing what you don't want to do means either you have no choice, or you don't think that the moments of your life are worth fighting for.
Today, public companies don't like the idea of conglomerates. People want to buy something in which they know where they are putting their money - into the food business or the oil and gas business. They don't want to put their money into a hodge-podge as a general rule.
You can change your tomorrow if you do something today. Few people understand how the way you live today impacts your tomorrow. Today is the only time we have within our grasp, yet many people let it slip through their fingers, recognizing neither its value nor potential. If we want to do something with our lives, then we must make today matter, because that's where tomorrow's success lies.
Good money management alone isn't going to increase your edge at all. If your system isn't any good, you're still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.
What's terrible is to pretend that second-rate is first-rate. To pretend that you don't need love when you do; or you like your work when you know quite well you're capable of better.
Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.
Once people know that you can spend the money and that you're willing to spend the money and that you're set up to spend the money in politics, then your threat to spend the money is as convincing as actually spending it.
I'm always running around trying to raise money to make the films. Fortunately, I've been able to do that, but if I can't, at this point, it's not like I wanted to spend a lot of time putting together, you know, you spend a year of your life on something, you go, "What the hell am I doing that for?"
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