Charlie Munger turned 99 today
Warren Buffett's partner at Berkshire Hathaway is a fountain of knowledge and wisdom
I have compiled 99 Charlie Munger quotes in celebration for his birthday:
Warren Buffett's partner at Berkshire Hathaway is a fountain of knowledge and wisdom
I have compiled 99 Charlie Munger quotes in celebration for his birthday:
1. The big money is not in the buying and the selling, but in the waiting
2. Those who keep learning, will keep rising in life.
3. Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris β I wanted independence. I desperately wanted it.
2. Those who keep learning, will keep rising in life.
3. Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris β I wanted independence. I desperately wanted it.
4. There isnβt a single formula. You need to know a lot about business and human nature and the numbersβ¦ It is unreasonable to expect that there is a magic system that will do it for you.
5. There are three ways to go broke: 'liquor, ladies and leverage'
5. There are three ways to go broke: 'liquor, ladies and leverage'
6. There is no better teacher than history in determining the future⦠There are answers worth billions of dollars in a history book.
7. We have three baskets for investing: yes, no, and too tough to understand.
7. We have three baskets for investing: yes, no, and too tough to understand.
8. Envy is a really stupid sin because itβs the only one you could never possibly have any fun at. Thereβs a lot of pain and no fun. Why would you want to get on that trolley?
9. Knowing what you donβt know is more useful than being brilliant
9. Knowing what you donβt know is more useful than being brilliant
10. Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day if you live long enough-like most people, you will get out of life what you deserve
11 I constantly see people rise in life who aren't the smartest, sometimes not even the most diligent, but they're learning machines. They go to bed every night a little wiser than they were when they got up & boy does that help, particularly when you have a long run ahead of you
17 If you can get really good at destroying your own wrong ideas, that's a great gift
18 Youβd be amazed at how much Warren reads & how much I read. My children laugh at me. They think Iβm a book with a couple of legs sticking out
19 People calculate too much & think too little
18 Youβd be amazed at how much Warren reads & how much I read. My children laugh at me. They think Iβm a book with a couple of legs sticking out
19 People calculate too much & think too little
20.Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.
21.Go to bed smarter than when you woke up
22.All I want to know is where I'm going to die so I'll never go there
21.Go to bed smarter than when you woke up
22.All I want to know is where I'm going to die so I'll never go there
23.I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings
24.We have three baskets: in, out, and too tough. β¦ We have to have a special insight, or weβll put it in the βtoo toughβ basket.
24.We have three baskets: in, out, and too tough. β¦ We have to have a special insight, or weβll put it in the βtoo toughβ basket.
25. Do the work on your desk. Do well with what you already have and more will come in
26. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people
26. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people
30. Acknowledging what you donβt know is the dawning of wisdom
31. It takes character to sit with all that cash & do nothing. I didn't get to the top where I am by going after mediocre opportunities
32.If you keep learning all the time you have a huge advantage
31. It takes character to sit with all that cash & do nothing. I didn't get to the top where I am by going after mediocre opportunities
32.If you keep learning all the time you have a huge advantage
33.Being something & doing something that no one had done before are two different things
34.A majority of life's errors are caused by forgetting what one is really trying to do
35.The best thing a human can do is to help another human being know more
34.A majority of life's errors are caused by forgetting what one is really trying to do
35.The best thing a human can do is to help another human being know more
39.I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could
40.I try to get rid of people who confidently answer questions about which they don't have any real knowledge
40.I try to get rid of people who confidently answer questions about which they don't have any real knowledge
41.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
42.Simplicity has a way of improving performance by enabling us to better understand what we are doing
42.Simplicity has a way of improving performance by enabling us to better understand what we are doing
45.Those of us who have been fortunate have a duty to give back. Whether one gives a lot as one goes along as I do, or a little and then a lot (when one dies) as Warren does, is a matter of personal preference
49.All intelligent investing is value investing, acquiring more than you are paying for
50.A lot of people with high IQs are terrible investors because they've got terrible temperaments
51.The liabilities are always 100 percent good. It's the assets you have to worry about
50.A lot of people with high IQs are terrible investors because they've got terrible temperaments
51.The liabilities are always 100 percent good. It's the assets you have to worry about
52.The most famous composer in the world but was utterly miserable most of the time, and of the reasons was because he always overspent his income. This was Mozart. If Mozart couldn't get by with this kind of asinine conduct, I don't think you should try
53.We're not interested in taking a substantial chance of taking a lot of very decent people back to 'Go' so we can have one more zero on our net worth.
54.Mimicking the herd invites regression to the mean
54.Mimicking the herd invites regression to the mean
55 You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas
56 Warren Buffett and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think
56 Warren Buffett and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think
57.Our game is to recognize a big idea when it comes along when one doesn't come along very often.
58.Ninety-nine percent of the troubles that threaten our civilization come from too optimistic, therefore we should have a system where the accounting is a way more conservative
58.Ninety-nine percent of the troubles that threaten our civilization come from too optimistic, therefore we should have a system where the accounting is a way more conservative
59 We try to operate in a seamless web of deserved trust & be careful of whom we trust
60Assume life will be really tough & then ask if you can handle it. If the answer is yes, you've won
61Just because you like it does not mean that the world will necessarily give it to you
60Assume life will be really tough & then ask if you can handle it. If the answer is yes, you've won
61Just because you like it does not mean that the world will necessarily give it to you
62.I would argue that passion is more important than brainpower
63.Is there such a thing as a cheerful pessimist? That's what I am
64.Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat
63.Is there such a thing as a cheerful pessimist? That's what I am
64.Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat
65 -Always take the high road, it's far less crowded
66 -You need patience, discipline, and agility to take losses and adversity without going crazy
67 -No wise pilot, no matter how great his talent and experience, fails to use a checklist
66 -You need patience, discipline, and agility to take losses and adversity without going crazy
67 -No wise pilot, no matter how great his talent and experience, fails to use a checklist
68 -There is no way you can live an adequate life without making mistakes
69 -Invert, always invert: Turn a situation or problem upside down. Look at it backward
70 - 70.All I want to know is where I'm going to die, so I'll never go there
69 -Invert, always invert: Turn a situation or problem upside down. Look at it backward
70 - 70.All I want to know is where I'm going to die, so I'll never go there
71 -Worldly wisdom" consists of a set of mental models framed as a latticework to help solve critical business problems
72 -Good businesses are ethical businesses. A business model that relies on trickery is doomed to fail
72 -Good businesses are ethical businesses. A business model that relies on trickery is doomed to fail
73 -If youβre going to live a long time, you have to keep learning - what you formerly knew is never enough. So if you donβt learn to constantly revise your earlier conclusions & get better ones, youβre like a one-legged man in an ass-kicking contest.
74 - A majority of life's errors are caused by forgetting what one is really trying to do
75 - I met the towering intellectuals in books, not in classroom, which is natural. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control
75 - I met the towering intellectuals in books, not in classroom, which is natural. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control
76 - Wall Street has too much wealth and political power
77 - I've seen so much folly and stupidity on the part of our major philanthropic groups, including the world bank. I really have more confidence in building up the more capitalistic ventures like Costco
77 - I've seen so much folly and stupidity on the part of our major philanthropic groups, including the world bank. I really have more confidence in building up the more capitalistic ventures like Costco
78 - It's like the slaughter of the innocents. It makes the people who run Las Vegas seem like good people
79 - Everywhere there is a large commission, there is a high probability of a rip-off
79 - Everywhere there is a large commission, there is a high probability of a rip-off
80 - Some people are extraordinarily good at knowing the limits of their knowledge because they have to be
81 - The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor
81 - The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor
82 -Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game wherein you have to learn to quit sometimes when holding a much-loved hand
83.Another thing, of course, is that life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't
84.Confucius said that real knowledge is knowing the extent of one's ignorance. Aristotle and Socrates said the same thing. Is it a skill that can be taught or learned? It probably can, if you have enough of a stake riding on the outcome
85.Wisdom acquisition is a moral duty. It's not something you do just to advance in life...You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here
87 - There's a tendency to think our present politicians are much worse than we had in the past. But we tend to forget how awful our politicians were in the past
88 - Most people are too fretful, they worry too much. Success means being very patient but aggressive when it's time
88 - Most people are too fretful, they worry too much. Success means being very patient but aggressive when it's time
89 - You don't have to have the ability that quantum mechanics requires. You just have to know a few simple things and really know them
90 - Don't drift into self-pity because it doesn't solve any problems
90 - Don't drift into self-pity because it doesn't solve any problems
91 - There is not more money to be made from law, but less time to enjoy it
92 - If something is too hard, we move on to something else. What could be more simpler than that
93 - The best armor of old age is a well-spent life perfecting it
92 - If something is too hard, we move on to something else. What could be more simpler than that
93 - The best armor of old age is a well-spent life perfecting it
94 - I think that one should recognize the reality even when one doesn't like it; indeed, especially when one doesn't like it
95 - If you canβt stomach 50% declines in your investment, you will get the mediocre returns you deserve
95 - If you canβt stomach 50% declines in your investment, you will get the mediocre returns you deserve
96 - The first $100,000 is a b!tch
97 - To get there a person must consistently underspend his income. Getting wealthy is like rolling a snowball. It helps to start on top of a long hill start early and try to roll that snowball for a very long time. It helps to live a long life
97 - To get there a person must consistently underspend his income. Getting wealthy is like rolling a snowball. It helps to start on top of a long hill start early and try to roll that snowball for a very long time. It helps to live a long life
98 - The first rule of compounding: Never interrupt it unnecessarily
99 - To a man with a hammer, everything looks like a nail
99 - To a man with a hammer, everything looks like a nail
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