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Charlie Munger Quotes
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Charlie Munger Quote: “When you mix raisins and turds, you’ve still got turds.”
Charlie Munger Quote: “How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.”
Charlie Munger Quote: “To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.”
Charlie Munger Quote: “Since mistakes of omission don’t appear in the financial statements, most people don’t pay attention to them. We rub our noses in mistakes of omission – as we just did.”
Charlie Munger Quote: “Warren spends 70 hours a week thinking about investing .”
Charlie Munger Quote: “If it is wisdom you’re after, you’re going to spend a lot of time on your ass reading.”
Charlie Munger Quote: “This is a good life lesson: getting the right people into your system is the most important thing you can do.”
Charlie Munger Quote: “I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.”
Charlie Munger Quote: “Don’t do cocaine. Don’t race trains. And avoid AIDS situations.”
Charlie Munger Quote: “Beta and modern portfolio theory and the like – none of it makes any sense to me.”
Charlie Munger Quote: “Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you’re going to be a great thinker.”
Charlie Munger Quote: “The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.”
Charlie Munger Quote: “Capitalism is a pretty brutal place.”
Charlie Munger Quote: “Being rational is a moral Imperative. You should never be stupider than you need to be.”
Charlie Munger Quote: “The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.”
Charlie Munger Quote: “Once you start doing something bad, then it’s easy to take the next step – and in the end, you’re a moral sewer.”
Charlie Munger Quote: “It’s stupid the way people extrapolate the past – and not slightly stupid, but massively stupid.”
Charlie Munger Quote: “Deliver to the world what you would buy if you were on the other end.”
Charlie Munger Quote: “We don’t train executives, we find them. If a mountain stands up like Everest, you don’t have to be a genius to figure out that it’s a high mountain.”
Charlie Munger Quote: “An idea or a fact is not worth more merely because it’s more available to you.”
Charlie Munger Quote: “I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.”
Charlie Munger Quote: “Is there such thing as a cheerful pessimist? That’s what I am.”
Charlie Munger Quote: “It’s in the nature of stock markets to go way down from time to time. There’s no system to avoid bad markets. You can’t do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.”
Charlie Munger Quote: “Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?”
Charlie Munger Quote: “The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.”
Charlie Munger Quote: “Good businesses can survive a little bad management.”
Charlie Munger Quote: “I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it.”
Charlie Munger Quote: “The best armor of old age is a well-spent life preceding it.”
Charlie Munger Quote: “What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.”
Charlie Munger Quote: “Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.”
Charlie Munger Quote: “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.”
Charlie Munger Quote: “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.”
Charlie Munger Quote: “The ethos of not fooling yourself is one of the best you could possibly have. It’s powerful because it’s so rare.”
Charlie Munger Quote: “The more hard lessons you can learn vicariously rather than through your own hard experience, the better.”
Charlie Munger Quote: “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash – and I don’t want to go back.”
Charlie Munger Quote: “I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I’ve seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.”
Charlie Munger Quote: “The world of derivatives is full of holes that very few people are really aware of. It’s like hydrogen and oxygen sitting on the corner waiting for a little flame.”
Charlie Munger Quote: “You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.”
Charlie Munger Quote: “Don’t confuse correlation and causation. Almost all great records eventually dwindle...”
Charlie Munger Quote: “It’s not the bad ideas that do you in, but the good ones.”
Charlie Munger Quote: “Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance.”
Charlie Munger Quote: “A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.”
Charlie Munger Quote: “There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.”
Charlie Munger Quote: “If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.”
Charlie Munger Quote: “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.”
Charlie Munger Quote: “Any time anybody offers you anything with a big commission and a 200-page prospectus, don’t buy it. Occasionally, you’ll be wrong if you adopt “Munger’s Rule”. However, over a lifetime, you’ll be a long way ahead-and you will miss a lot of unhappy experiences.”
Charlie Munger Quote: “A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that’s not enough, he said, “Oh yes it is, because I’d publish the list of people under consideration.””
Charlie Munger Quote: “The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.”
Charlie Munger Quote: “While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.”
Charlie Munger Quote: “Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You’ve got whole categories of things you just bat away so your brain isn’t cluttered with them. That way, you’re better able to pick up a few sensible things to do.”
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