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I think you would better understand any presentation using the word "EBITDA" if you just substituted it with the phrase "bullshit earnings".
Charlie Munger
"If you want a formula for valuing a company, you should go back to graduate school. They will give you a lot of formulas that will not work."
Charlie Munger
"Part of the Berkshire secret is that when there is nothing to do, Warren is very good at doing nothing."
Charlie Munger
"I think some people are buying back their stock to keep its price up. That, of course, is insane and immoral. Apart from that, its fine."
Charlie Munger
"We have a wonderful system. If one of us is stupid in one area, so is the other."
Charlie Munger
"Trading crypto currency is like thinking, Someone else is trading turds, and I can't be left out."
Charlie Munger
"I like crypto currency a lot less than you do."
Charlie Munger
“Waiting helps you as an investor and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.”
Charlie Munger
'All I want to know is where I’m going to die, so I’ll never go there.'
Charlie Munger
Someone asked Charlie: Why was Warren so much richer than you?
Charlie's answer: Well, he got an earlier start. He is probably smarter. He worksharder. There are not a lot of reasons. Why was Albert Einstein poorer than I was?
"Charlie and I were on hijacked plane once. The hijackers picked us out as the two dirty capitalists that they really had to execute. They were really abashed about it; they didn't really have anything against us, so they said that each of us would be given one request before they shot us. They turned to Charlie and said, "What would you like as your request?" Charlie said, I would like to give once more my speech on the virtues of Costco with illustrations, and the hijacker said, Well, that sounds pretty reasonable to me." He turned to me and said, What would you like, Mr. Buffet? and I said, "Shoot me first.""
Warren Buffet
“A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.”
Warren Buffet
“The stock market is a device to transfer money from the impatient to the patient.”
Warren Buffet
"I got married because my wife lowered her expectations."
Warren Buffet
"The best anecdote I’ve heard during the current presidential campaign came from Mitt Romney, who asked his wife, Ann, 'When we were young, did you ever in your wildest dreams think I might be president?' To which she replied, 'Honey, you weren’t in my wildest dreams.'”
Warren Buffet
"Billy Rose described the problem of over-diversification: 'If you have a harem of forty women, you never get to know any of them very well.'”
Warren Buffet
"This means that directors must get rid of a manager who is mediocre or worse, no matter how likable he may be. Directors must react as did the chorus-girl bride of an 85-year old multimillionaire when he asked whether she would love him if he lost his money. 'Of course,' the young beauty replied, 'I would miss you, but I would still love you.'”
Warren Buffet
"Remember the late Barton Biggs’ observation: 'A bull market is like sex. It feels best just before it ends.'”
Warren Buffet
"We get paid not for jumping over 7-foot bars but for stepping over 1-foot bars."
Warren Buffet
"Bad terminology is the enemy of good thinking. When companies or investment professionals use terms such as "EBITDA" and "pro forma," they want you to unthinkingly accept concepts that are dangerously flawed. (In golf, my score is frequently below par on a pro forma basis: I have firm plans to "restructure" my putting stroke and therefore only count the swings I take before reaching the green.)"
Warren Buffet
“In the short run, the market is a voting machine. In the long run, it is a weighing machine.”
Bejnamin Graham
"If you want to speculate, do so with your eyes open, knowing that you will probably lose money in the end; be sure to limit the amount at risk and to separate it completely from your investment program."
Bejnamin Graham
"The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices."
Bejnamin Graham
“You make most of your money in a bear market, you just don’t realize it at the time.”
Shelby Cullon Davis
“The function of economic forecasting is to make astrology look respectable.”
John Kenneth Galbraith
"Human beings are subject to wild swings in their levels of fear, risk tolerance, and greed. That won’t change. I base my whole approach on buying when others are fearful and selling when others are greedy. The reason Shakespeare is so relevant still today is that his plays were all about human nature, and human nature never changes."
Mark Sellers
“Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.”
Peter Lynch
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