A Quote by Charlie Munger

I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.

Charlie Munger

Quote Topics

Accounting Also Bad Based Book Boost Consequences Corrupt Create Double Economics Effect Effects Entry Even Eventually Fear Financial Gave Going Heyday Instance Keeping Like Long Long Term Participate Possibility Practical Raise Reminding Scene Should Sort Starts Suggest Term Venice Very Virtue Want Widespread Will

Quote Author

Charlie Munger
American - Businessman
Born: January 1, 1924

Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.

Charlie Munger

The most self-disciplined people in the world aren't born with it, but at one point they start to think differently about self discipline. Easy, short-term choices lead to different long-term consequences. Difficult short-term choices lead to easy long-term consequences. What we thought was the easy way led to a much more difficult life. I think that motivation is sort of like a unicorn that people chance like a magic pill that will make them suddenly want to work hard. It's not out there.

Rory Vaden

Educate yourself, take the time to find out what is in a bill and how it will effect everything, and not just how it effects you in the short term, but what the long term consequences of a bill, law or legislations will have an everyone and every community, altimetry effecting you!

David Pratt

In order to develop the willpower it takes to sacrifice, you must first realize that spending all your time and energy pursuing material comforts means you will eventually suffer. It's all about positive and negative consequences. It's very important to be aware that there are long-term consequences [for every action].

Dalai Lama

As long as we're having contact and as long as there are collisions, there's going to be head injuries. What the long-term consequences are of that, we're beginning to learn, and that definitely will have an impact on the game as we know it.

Troy Aikman

I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.

Elvira Nabiullina

Easy short-term choices lead to difficult long-term consequences meanwhile difficult short-term choices lead to easy long-term consequences.

Rory Vaden

Choosing to avoid uncomfortable feelings offers immediate short-term relief, but avoidance can lead to long-term consequences.

Amy Morin

Scientists themselves readily admit that they do not fully understand the consequences of our many-faceted assault upon the interwoven fabric of atmosphere, water, land and life in all its biological diversity. But things could also turn out to be worse than the current scientific best guess. In military affairs, policy has long been based on the dictum that we should be prepared for the worst case. Why should it be so different when the security is that of the planet and our long-term future?

Prince Charles

How can we trace out the links between actions that people take today and really long-term outcomes for humanity - outcomes that stretch out indefinitely into the future? I call this effort macrostrategy - that is, to think about the really big strategic situation for having a positive impact on the long-term future. There's the butterfly effect: A small change in an initial condition could have arbitrarily large consequences.

Nick Bostrom

The financial time frame always has been short-term. Projects with long-term paybacks are cut back, because CEOs and financial managers simply want to take their money and run. That is the financial mentality.

Michael Hudson

Something bad happened on both Mars with its dried-up watercourses and Venus with its runaway greenhouse effect. Could something bad happen on Earth too? Our species currently turns row upon row of environmental knobs, without much regard to long-term consequences.

Neil deGrasse Tyson

Self-interest and mutual interest are inextricably linked. National interests can best be advanced through collective action, ... Calculate not just the human misery of the poor themselves. Calculate our loss: The aid, the lost opportunity to trade, the short-term consequences of the multiple conflicts; the long-term consequences on the attitude to the wealthy world of injustice and abject deprivation amongst the poor.

Tony Blair

If you want to make short-term profits from the stock price, then I am a very bad president. But I don't think I'm so bad for maximizing the long-term value of Nintendo.

Satoru Iwata

You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.

Charlie Munger

Unless you invest in people, you are not going to see growth in the long term, the medium term, and maybe even the short term.