Thread by @farnamjake1

12 Munger quotes for your Monday enjoyment...

"You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing."

"It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are partly valued like bonds, based on roughly rational projections of use value in producing future cash...

But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far."

"In terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes." #topical

"The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you."

"Capitalism without failure is like religion without hell."

"I think democracies are prone to inflation because politicians will naturally spend--they have the power to print money and will use money to get votes."

"If we're going to prosper, we have to work... you can't vote yourself rich. It's an idiotic idea."

"There's a lot of leverage in those carry-trade games. Other people are more certain than I am that the aircraft can always be leased."

We didn't know when we were young which things to stretch for."

"After the South Sea Bubble, Britain outlawed public corporations--only private ones allowed. And they led the world for 100 years. A modest amount of liquidity will serve the situation. Too much liquidity will hurt human nature."

"One of the great defenses--if you're worried about inflation--is not to have a lot of silly needs in your life--if you don't need a lot of material goods."

"The best armor of old age is a well-spent life preceding it."