How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses.
Interpretation
What this quote means
Investing in productive businesses is more valuable than hoarding wealth in gold.
Charlie Munger's quote underscores the idea that true value lies in investing in ventures that create goods and services rather than accumulating precious metals. This perspective reflects a belief in the importance of productive investments and economic participation over merely safeguarding wealth through tangible assets that may not yield future returns.
Themes
GoldInvestmentBusinessWealthEconomy
In practice
Example use cases
In a financial seminar discussing wealth management, this quote can highlight the importance of investing wisely.
More from Charlie Munger
All quotes →The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie MungerRead
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Charlie MungerRead
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie MungerRead
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
Charlie MungerRead
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
Charlie MungerRead
Similar quotes
So your first job is to work on yourself. The greatest thing you can do for another human being is to get your own house in order and find your true spiritual heart.
Ram DassRead
Be happy when you are blamed and accused wrongly, for then you have the chance to see all the bitter, hostile or self-pitying responses that your sinful soul wants to spew out - as if these puny things could in any way defend you! Watch and see if any of these poisons come out of you when your spirit is pricked by an accusation. Only then can you see yourself as you are, and confess thy sin that is within you and forsake yourself again into the Lord's care.
Teresa Of AvilaRead
As women, we get the message about how to be a good girl - how to be a good, pretty girl - from such an early age. Then, at the same time, we're told that well-behaved girls won't change the world or ever make a splash.
Phoebe Waller-BridgeRead
I learned from my mom and dad, who didn't have a formal education but had doctorates of love. They told me that if you gave 110 percent all the time, a lot of beautiful things will happen. I may not always be right, but no one can ever accuse me of not having a genuine love and passion for whatever I do.
Dick VitaleRead
The man of thought who will not act is ineffective; the man of action who will not think is dangerous.
Richard M. NixonRead
Men are not prisoners of fate, but only prisoners of their own minds.
Franklin D. RooseveltRead