Quotes from Charles Munger

"The ethics of Wall Street will always average out to mediocre at best.... This doesn't mean there aren't some wonderful, intelligent people on Wall Street -- there are, like those in this room -- but everyone I know has to fight their own firm [to do the right thing]."

"Berkshire’s whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form." - Oct. 2003

"if regulators had banned the phrase, 'this is a financial innovation that diversifies risk,' the financial markets would have been a lot better off."

"the policy of turning American corn into automobile fuel is an incredibly stupid idea."

"A stock option is both an expense AND dilution. To argue anything else is insane."

"People tend to forget how well the system worked when we had rules that prevented this complexity and aggression"