Charlie Munger Quotes
Top 100 wise famous quotes and sayings by Charlie Munger
Charlie Munger Famous Quotes & Sayings
Discover top inspirational quotes from Charlie Munger on Wise Famous Quotes.
Those who will not face improvements because they are changes, will face changes that are not improvements.
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.
Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.
In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.
We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.
What's the best way to get a good spouse? The best single way is to deserve a good spouse because a good spouse is by definition not nuts.
If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Once you get into debt, it's hell to get out. Don't let credit card debt carry over. You can't get ahead paying eighteen percent.
The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.
We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.
I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.
You have a real asset-price bubble in places like parts of California and the suburbs of Washington, D.C.
Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.
I think corporate managers should learn to be better investors because it would make them better managers.
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.
The interesting thing is the field is so big - it's enormous. One thing a modern civilization needs is energy.
Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.
The laws of thermodynamic s are such that if the water is getting warmer - and I believe it is - the energy of the weather is going to go up.
If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.