I see almost no change in the price of the composite product that flows through Costco I don't … - Charlie Munger

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Lukewarm people give money to charity and to the church. . . so long as it doesn't impinge on their standard of living. Lukewarm people tend to choose what is popular over what is right. Lukewarm people don't really want to be saved from their sin; they want to be saved from the penalty of their sin. Lukewarm people rarely share their faith with their neighbors, coworkers, or friends. Lukewarm people are thankful for their luxuries and comforts, and rarely consider trying to give as much as possible to the poor.

Charlie Munger

I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.

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Show me the incentive and I will show you the outcome

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Our biggest mistakes, were things we didn't do, companies we didn't buy.

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

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'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

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