A Quote by Charlie Munger

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

Charlie Munger

Quote Topics

Business Elementary Investment Investment Management Lesson Management Relates Wisdom Worldly Worldly Wisdom

Quote Author

Charlie Munger
American - Businessman
Born: January 1, 1924

Many people are very intelligent in accomplishing worldly attainments. This intelligence is not wisdom because worldly attainments such as a high position, reputation, wealth and success in business are deceptive. If we die tomorrow they will disappear tomorrow, and nothing will be left for our future. Wisdom, however, will never deceive us.

Geshe Kelsang Gyatso

I hated being a junior investment banker. I loved the research business, the wealth management business.

Sallie Krawcheck

The key is realizing - and believing - that this world is not your home. If you and I ever hope to free our lives from worldly desires, worldly thinking, worldly pleasures, worldly dreams, worldly ideals, worldly values, worldly ambitions, and worldly acclaim, then we must focus our lives on another world.

David Platt

The essence of investment management is the management of risks, not the management of returns.

Benjamin Graham

Most business schools are geared toward churning out investment bankers and management consultants.

Vivek Wadhwa

In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women

Charlie Munger

There's more honor in investment management than in investment banking.

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 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.

John C. Bogle

What we call a financial crisis is really at its core a crisis of management, and not just a crisis of management, but a crisis of management culture. ...In other words, what you had is a detachment of people who know the business from people who are running the business.

Henry Mintzberg

It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.

Charlie Munger

Active management strategies demand uninstitutional behavior from institutions, creating a paradox that few can unravel. Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.

David F. Swensen

The culture of the mutual fund industry, when I came into it in 1951, was pretty much a culture of fiduciary duty and investment, with funds run by investment professionals. The firm I worked with, Wellington Management Co., they had one fund. That was very typical in the industry... investment professionals focused on long-term investing.

John C. Bogle

Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.

Warren Buffett

If you want to attract more investment, foreign investment, more talent, more business, I think having some level of certainty that the business environment respects, those who have been your partners for a long time, is important.

Louis R. Chenevert

Investment in the eradication of hunger today is a good business decision. If we fail to make this investment, it is doubtful that we can sustain healthy economic growth. Without this investment, our nation may disintegrate into a country sharply divided between those who have enough to eat and those who do not.