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.'