A Quote by Charlie Munger
I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
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Though people could, in principle, cross national borders to reach places where their work is more highly rewarded, they are in fact prevented from doing so. As a result, huge differences also persist in the price of labor, as you can see when you get a haircut in rural India or hire a driver or babysitter in Bolivia. You can easily buy such services at one-fiftieth the price you would pay in London, Hamburg or Manhattan.
We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation.
I never thought I would downgrade into a 4,000-square-foot house. It took me about two months to find places to put everything.
If higher unemployment is the price we have to pay in order to bring inflation down, then it is a price worth paying.
Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying.
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. This situation encourages production because it gives confidence of an almost certain profit margin.
The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.
Everybody says, 'I want to change,' but they're not willing to pay the price of it. That was the metaphor of 'Life's Golden Ticket'... Life is some kind of a ride, and if you want that ride to be exhilarating and amazing, you've got to pay to get in. And the price is a willingness to change above and beyond what most people will do.
I really am tired of all the Clinton Democrats running around getting all-sanctimonious over Iraq. It was them who killed 1.5 to 2.2 million Iraqis through sanctions. Sanctions that Madeline Albright, their illustrious Secretary of State, when confronted with the fact of 500,000 dead Iraqi children, said it was a price she was willing to pay.
It is the vice of a vulgar mind to be thrilled by bigness, to think that a thousand square miles are a thousand times more wonderful than one square mile, and that a million square miles are almost the same as heaven.
In the long run, the gold price has to go up in relation to paper money. There is no other way. To what price, that depends on the scale of the inflation - and we know that inflation will continue.
I don't live like liberals in a 5,000 square foot mansion.
I think you've got to pay the price for anything that's worthwhile, and success is paying the price. You've got to pay the price to win, you've got to pay the price to stay on top, and you 've got to pay the price to get there.
By the year 2025, 500 million people will die of smoking. Now, that's a Vietnam War every day for 27 years. That's the Titanic sinking every 27 minutes for 27 years.
Whatever the price, identify it now. What will you have to go through to get where you want to be? There is a price you can pay to be free of the situation once and for all. It may be a fantastic price or a tiny one - but there is a price.
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