money ready to take advantage.” http://www.designs.valueinvestorinsight.com/bonus/bonuscontent/docs/Tilson_2006_BRK_Meeting_Notes.pdf#search=%22Charlie%20munger%20and%20foundation%20and%20croupier%22
“It is remarkable how much long-term advantage people like [Warren Buffett
and myself] have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Cha lie Munger, Janet Lowe John Wiley &Sons, 2003 http://www.wiley.com/WileyCDA/WileyTitle/productCd-0471446912,descCd-tableOfContents.html
Judgment
“Although I am very interested in the subject of human misjudgment — and lord knows I’ve created a good bit of it — I don’t think I’ve created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.” http://www.loschmanagement.com/Berkshire%20Hathaway/Charlie%20munger/The%20Psychology%20of%20Human%20Misjudgement.htm
Korea:
“I live surrounded by Koreans in L.A.I would regard Korean culture and what they’ve created as one of the most remarkable in the history of capitalism. We don’t think it’s an accident that Iscar discovered Korea. If you try to find 10 countries better than Korea… you won’t get through one hand. We are huge admirers of Korea.”http://www.fool.com/news/commentary/2006/commentary06062914.htm
Lawyers:
“…With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been so heavily involved in drafting financial disclosure documents now seen as bogus, there was a new “lawyer” joke every week. One such was: “The butcher says ‘the reputation of lawyers has fallen dramatically’, and the check-out clerk replies: “How do you fall dramatically off a pancake?…’” http://www.bluechipinvestorfund.com/munger.html
“The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin’ lawyer at his side. Why don’t more law firms vote with their feet and not take clients who have signs on them that say, “I’m a skunk and will be hard to handle?” I’ve noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I’d want a system like that because a lot of firms have a lot of bad clients. “http://www.tilsonfunds.com/wscmtg04notes.doc
“[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. “That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don’t mind (suing) the other half. They are an equal opportunity litigator.” http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/06/22/BUGRK79OT81.DTL
“Accounting incomes were reduced by discrepancy [ but] “the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind.” http://blogs.barrons.com/techtraderdaily/2006/06/26/the-wit-and-wisdom-of-charlie-munger/
Legal System:
“The definition of hell in the legal system is: endless due process and no justice; (in the corporate world) it would be: endless due diligence and no horse sense.” – 2002 Berkshire Hathaway Shareholder Meeting http://www.ticonline.com/archives_quotes.html
Leadership
“There are always people who will be better at some thing than you are.
You have to learn to be a follower before you become a leader.” Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Cha lie Munger, Janet Lowe John Wiley &Sons, 2003 http://www.wiley.com/WileyCDA/WileyTitle/productCd-0471446912,descCd-tableOfContents.html
“We want very good leaders who have a lot of power,” he said, “and we want to delegate a lot of power to those leaders….It’s crazy not to distribute power to people with the most capacity and diligence…Every time I see an opportunity to choose somebody, the second best guy is just awful compared to the guy we hire. Usually the decision is a no-brainer. We have to give power to the people who can wield it efficiently in serious game of survival.” http://blogs.barrons.com/techtraderdaily/2006/06/26/the-wit-and-wisdom-of-charlie-munger/
Learning
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side. If you can’t state arguments against what you believe better than your detractors, you don’t know enough.” http://news.morningstar.com/article/article.asp?id=169398
“The game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.” http://www.jolconsulting.com/updocuments/details_2.pdf#search=%22%22Charlie%20Munger%22%20%20%22life%20is%20just%20one%20damn%22%22
“The name of the game is continuing to learn. Even if you’re very well trained and have some natural aptitude, you still need to keep learning” http://www.feedblitz.com/f/f.fbz?PreviewFeed=7799
Leverage: (see also debt)
“Berkshire’s past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five times its current size.” http://www.fool.com/news/foth/2001/foth010508.htm
Leveraged Buy Outs:
“In the LBO field there is a buried “covariance” with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense.” http://72.14.203.104/search?q=cache:mgSaxC3O1IoJ:www.philanthropyroundtable.org/magazines/1999/march/munger.html+Berkshire+Hathaway%27s+vice+chairman+shreds+the+conventional+wisdom+on+foundation+investing&hl=en&gl=us&ct=clnk&cd=1
Lies
“Lou Vincenti [former Chairman of Wesco], who used to sit here, said, “If you tell the truth, you don’t have to remember your lies.” http://www.tilsonfunds.com/wscmtg04notes.doc
Life:
“You have to realize the truth of biologist Julian Huxley’s idea that ‘Life is just one damn relatedness after another’ “So you must have the models, and you must see the relatedness and the effects from the relatedness.” http://www.jolconsulting.com/updocuments/details_2.pdf#search=%22%22Charlie%20Munger%22%20%20%22life%20is%20just%20one%20damn%22%22
Liquidity:
“I think the notion that liquidity of tradable common stock is a great contributor to capitalism is mostly twaddle. The liquidity gives us these crazy booms, so it has as many problems as virtues.” http://www.tilsonfunds.com/brkmtg04notes.doc
Litigation:
“Litigation is notoriously time-consuming, inefficient, costly and unpredictable.” Lowenstein at 217
Loyalty:
