Charlie Munger Quotes

The best thing a human being can do is to help another human being know more.

Intelligent people make decisions based on opportunity costs.

Mimicking the herd invites regression to the mean.

I did not succeed in life by intelligence. I succeeded because I have a long attention span.

The big money is not in the buying and selling ... but in the waiting.

Great investing requires a lot of delayed gratification.

When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'

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.

Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.

In my whole life, I have known no wise people who didn't read all the time - none ... ZERO.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings.

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.

Any year that you don't destroy one of your best-loved ideas is probably a wasted year

We try more to profit from always remembering the obvious than from grasping the esoteric.

It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.

If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.

Acknowledging what you don't know is the dawning of wisdom.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.

It's a good habit to trumpet your failures and be quiet about your successes.

A great business at a fair price is superior to a fair business at a great price.

I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.

I'm right, and you're smart, and sooner or later you'll see I'm right.

Someone will always be getting richer faster than you. This is not a tragedy.

Hard work, honesty, if you keep at it, will get you almost anything.

The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.

You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.

If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.

Step by step you get ahead, but rarely in fast spurts.

It's been my experience in life if you just keep thinking and reading, you don't have to work.

If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

Spend each day trying to be a little wiser than you were when you woke up.

I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

The safest way to get what you want is to deserve what you want.

The only way to win is to work, work, work, work, and hope to have a few insights

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.

All I want to know is where I’m going to die, so I’ll never go there

It’s not greed that drives the world, but envy.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.

It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.