A Quote by Charlie Munger

Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to do this. If it's a sin, then I hope all of Berkshire Hathaway's subsidiaries are sinners. Someone whose salary is paid by U.S.taxpayers is happy to dramatically weaken the one place where we're winning big?!
Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch.
A big part of the success of Microsoft was that every year, the chips our software ran on got faster and cheaper. They doubled in capability every 18 months under Moore's law.
If you're not in love with what you do, business will be really tough. You can do good one day, and bad the next. You can have a great year, and a bad year that wipes away all of your success.
I went to business school, and I went straight from that to a nine-year career at Microsoft. Eventually, I ran a big chunk of the consumer products division for Microsoft.Then I left with the birth of our first daughter because Bill and I both wanted to have a few kids.
I don't know if somehow success has made me conservative. With every passing year and with every success, I get more aware of the responsibility on my shoulders.
I work every day hard. I put my body through hell. Let me tell you, every year, seven months of the year, I don't see my family. Year in, year out. I miss my kids. Kid's birthdays, anniversaries. I'll never be able to go back and be with my family.
Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.
Before success comes patience... when we add to our accomplishments the element of hard work over a long period of time, we'll place a far greater value on the outcome. When we are patient, we'll have a greater appreciation of our success.
The Chinese tell time by 'The Year of the Horse' or 'The Year of the Dragon.' I tell time by 'The Year of the Back' and 'The Year of the Elbow.' This year it's 'The Year of the Ulnar Nerve.' Someone once asked me if I had any physical incapacities of my own. 'Sure I do,' I said. 'One big one - Jim Palmer.'
If you want to train and work hard 3 months out of the year, well, then, UNI is a great place to go. If you want to bust your tail 6 months out of the year, you should be very happy at ISU. But if you want to train and develop into a champion 12 months out of the year, then Iowa is the place for you.
In rock music, you have a big success before you turn 30, then there is sort of a decay. Then there is the reunion, and everyone is waiting to hear what you were doing when you were 20, and nobody cares what you are doing at 50 or 60. But the more I continue, the more I produce, the more I play every year in bigger places.
Because after my first year I had a lot of success, took everybody by storm, came back the next year thought it was easy and didn't have near the season I had the previous year. It was kind of a wake-up call. And so, life goes on.
I don't really measure success by anything other than if I am happy. That is success to me. Am I happy waking up every morning? And despite the challenges of running my own business, do I look forward to going to work? Absolutely.
I don’t really measure success by anything other than if I am happy. That is success to me. Am I happy waking up every morning? And despite the challenges of running my own business, do I look forward to going to work? Absolutely.
I tour all year, 42 weeks a year, so it's hard for me to remember every place I play.
Lord knows, everyday is not a success, every year is not a success. You have to celebrate the good.
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