Charlie Munger

Born: January 1, 1924

Occupation: Business person

Quotes of Charlie Munger

Charlie Munger

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

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Charlie Munger

Those who keep learning, will keep rising in life

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Charlie Munger

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.

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Charlie Munger

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

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Charlie Munger

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.

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Charlie Munger

If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you...

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Charlie Munger

The secret to happiness is to lower your expectations. ...that is what you compare your experience with. If your expectations and standards are very high and only allow yourself to be happy when things...

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Charlie Munger

We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to...

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Charlie Munger

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

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Charlie Munger

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.

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Charlie Munger

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

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Charlie Munger

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

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Charlie Munger

You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have the cast of mind, you're...

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Charlie Munger

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

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Charlie Munger

Investing is where you find a few great companies and then sit on your ass.

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Charlie Munger

I constantly see people rise in life who are not the smartest -- sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And,...

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Charlie Munger

The liabilities are always 100 percent good. It's the assets you have to worry about.

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Charlie Munger

A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth -- you could create a better result in the world. Well, Berkshire has had practically no process....

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Charlie Munger

Wall Street has too much wealth and political power.

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Charlie Munger

There's more honor in investment management than in investment banking.

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Charlie Munger

I do not think you can trust bankers to control themselves. They are like heroin addicts.

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Charlie Munger

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.

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Charlie Munger

I don't have the slightest interest in gold. I like understanding what works and what doesn't in human systems. To me that's not optional; that's a moral obligation. If you're capable of understanding...

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Charlie Munger

Almost all good businesses engage in 'pain today, gain tomorrow' activities.

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Charlie Munger

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.

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Charlie Munger

I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.

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Charlie Munger

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Charlie Munger

People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening...

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Charlie Munger

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

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Charlie Munger

We both (Charlie Munger and Warren Buffett) 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.

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Charlie Munger

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.

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Charlie Munger

In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none, zero. You'd be amazed at how much Warren reads - at how much I read. My children laugh...

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Charlie Munger

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.

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Charlie Munger

How could economics not be behavioral? If it isn't behavioral, what the hell is it?

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Charlie Munger

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

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Charlie Munger

Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.

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Charlie Munger

There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds...

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Charlie Munger

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...

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Charlie Munger

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....

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Charlie Munger

Is there such thing as a cheerful pessimist? That's what I am.

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Charlie Munger

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.

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Charlie Munger

If the value of a company doesn't just scream out at you, it's too close.

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Charlie Munger

Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that...

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Charlie Munger

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

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Charlie Munger

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

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Charlie Munger

You must value the business in order to value the stock.

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Charlie Munger

The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict...

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Charlie Munger

I don't want to understand Facebook.

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Charlie Munger

The safest way to try to get what you want is to try to deserve what you want. It's such a simple idea. It's the golden rule. You want to deliver to the world what you would buy if you were on the other...

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Charlie Munger

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

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Charlie Munger

Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest.

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Charlie Munger

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.

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Charlie Munger

Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science....

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Charlie Munger

As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you...

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Charlie Munger

Go to bed smarter than when you woke up.

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Charlie Munger

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

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Charlie Munger

To the man with only a hammer, every problem looks like a nail.

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Charlie Munger

I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.

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Charlie Munger

Choose clients as you would friends.

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Charlie Munger

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

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Charlie Munger

I won’t bet $100 against house odds between now and the grave.

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Charlie Munger

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.

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Charlie Munger

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.

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Charlie Munger

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.

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Charlie Munger

When you mix raisins and turds, you've still got turds.

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Charlie Munger

If you can get good at destroying your own wrong ideas, that is a great gift.

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Charlie Munger

Understanding how to be a good investor makes you a better business manager and vice versa.

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Charlie Munger

Forgetting your mistakes is a terrible error if you are trying to improve your cognition.

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Charlie Munger

Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.

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Charlie Munger

The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted...

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Charlie Munger

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.

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Charlie Munger

The game of life is the game of everlasting learning. At least it is if you want to win.

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Charlie Munger

We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments,...

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Charlie Munger

Your life must focus on the maximization of objectivity.

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Charlie Munger

We have a passion for keeping things simple.

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Charlie Munger

The harder you work, the more confidence you get. But you may be working hard on something that is false.

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Charlie Munger

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

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Charlie Munger

I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.

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Charlie Munger

Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean...

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Charlie Munger

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...

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Charlie Munger

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

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Charlie Munger

If it is wisdom you're after, you're going to spend a lot of time on your ass reading.

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Charlie Munger

People calculate too much and think too little.

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Charlie Munger

You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.

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Charlie Munger

The idea of caring is that someone is making money faster [than you are] is one of the deadly sins. Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s...

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Charlie Munger

You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.

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Charlie Munger

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

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Charlie Munger

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

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Charlie Munger

What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully...

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Charlie Munger

You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once...

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“Don't cry because it's over, smile because it happened.”

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