You have to know accounting. It's the language of practical business life. It was a very useful thing … - Charlie Munger

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For most of the people there is no today and there is no tomorrow; for them, there is only the past times! Leave your past to live your today and to live your tomorrow!

Charlie Munger

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.

Bookkeeping, Business, Course, Hell, Power, Venice

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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.

Different, Men, Practice, Practices, Thinking, Under