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In his own words · Money & fees

“You people, I think, have created a lot of "febezzle" through your foolish investment management practices in dealing with your large holdings of common stock.”

— Charlie Munger · "Breakfast Meeting of the Philanthropy Roundtable," November 10, 2000 (Poor Charlie's Almanack, Talk Seven) · 2000

Verified. Sourced to "Breakfast Meeting of the Philanthropy Roundtable," November 10, 2000 (Poor Charlie's Almanack, Talk Seven) · 2000.

Munger's coinage — 'febezzle,' the functional equivalent of embezzlement — built on J. K. Galbraith's 'bezzle.'