A Quote by Charlie Munger

The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones."

Charlie Munger

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Between Buffett Business Came Commodity Day Discriminate Does End Example Fellow For Example Get Going Great Heads Help Invented Lesson Like Loom Low Making Microeconomics Most Much New Old Old One Old Ones One Day Our People Product Real Said Straight Technology Terrible Textile Textiles Think Twice Warren Were Which Will Work

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Charlie Munger
American - Businessman
Born: January 1, 1924

When you're in a commodity business, the only way to thrive is to be a low-cost producer. And when you're selling money, you're in a commodity business.

Duff McDonald

I admire leaders in science, people who really figure things out like Richard Fineman or people who work on vaccines, tons of people working on [the] HIV vaccine. There's leaders in business, people like Warren Buffett, who've got a certain approach they take that are pretty amazing. There [are] product innovators like Steve Jobs was, where he gets behind a concept and does a fantastic job.

Bill Gates

There used to be a thing or a commodity we put great store by. It was called the People. Find out where the People have gone. I don't mean the square-eyed toothpaste-and-hair-dye people or the new-car-or-bust people, or the success-and-coronary people. Maybe they never existed, but if there ever were the People, that's the commodity the Declaration was talking about, and Mr. Lincoln.

John Steinbeck

I think, for young people, and I think, for women, it's great to work in new products and derivatives products because, if you work in a plain-vanilla product, it's going to take you decades to get to a level where other people are. If you work in a brand new business, no one is more experienced than you are.

Stephanie Ruhle

It's crazy. I don't know how I'm not dead. People think I'm going to get punched in the face: "Something terrible is going to happen to you. You're going to get killed." That's not what's going to kill me. The show is going to kill me. The work is going to kill me. Once I'm on the street, I'm not worried about that.

Billy Eichner

My family was in two businesses - they were in the textile business, and they were in the candy business. The conversations around the dinner table were all about the factory floor and how many machines were running and what was happening in the business. I grew up very engaged in manufacturing and as part of a family business.

Karen Mills

Here's another way of putting it. Roosevelt wants recovery to start at the bottom. In other words, by a system of high taxes, he wants business to help the little fellow to get started and get some work, and then pay business back by buying things when he's at work. Business says, 'Let everybody alone. Let business alone, and quit monkeying with us, and we'll get everything going for you, and if we prosper, naturally the worker will prosper.'

Will Rogers

I always try and watch how business people think. I like to read a lot about business people. I'm not going to say I've got a great business mind, but I enjoy learning from the world of business.

Tommy Fleetwood

I believe the best way to help our small businesses is not only through small-business loans, which we have increased since I've been the president of the United States, but to unbundle government contracts so people have a chance to be able to bid and receive a contract to help get their business going.

George W. Bush

There were the days when women were under contract, and they were thought of as a commodity, so they hired the best writers and a lot of them were women at the time. This was in the thirties and forties, to make product for the people who were under contract, who were their assets to the studios. But that doesn't exist anymore - and as a result, the people who are in the industry write products that interest them.

Sally Field

It's really a question of fairness and what kind of country we're going to live in. There are 22,000 people making over $1 million. They're paying an effective tax rate in the teens. As Warren Buffett said, he pays less in taxes effectively than his secretary does. That's not right.

David Plouffe

For years, people have been trying to talk to me about doing a show, and I wouldn't do one because I'm a serious business guy. I'm not going to do a stupid show. So, the opportunity came up with CNBC, and we started talking. It became a real business show. It's educational, people watch it, and it's great for small business.

Tilman J. Fertitta

Tourism as a number-one industry is a terrible, terrible idea for any city, especially New York. If you were going to turn a city, which is a place where people live, into a tourist attraction, you're going to have to make it a place that people who don't live here, like. So I object to living in a place for people who don't live here.

Fran Lebowitz

I don't even think about the money when I consider roles, I turn it over to my agency. Money will come. I respect it but I don't thirst for it. I wish Americans thought more like Europeans when it comes to money and work. They take time off, they do what they love. We think work is the most valued commodity. Really the most valued commodity is time.

Bryan Cranston

Although oil is a commodity, it's still not a commodity like coffee, which, thank God, we will have with us always. At some point the oil will run out.

James Surowiecki

I wish Americans thought more like Europeans when it comes to money and work. They take time off, they do what they love. We think work is the most valued commodity. Really the most valued commodity is time.

Bryan Cranston

A Quote by Charlie Munger

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