Charlie Munger Quotes

"In a world of repeated interactions, your character becomes your destiny because it dictates how others play with you."

"The big money is not in the buying and the selling, but in the waiting and the repeated trust of the partnership."

"The first rule of compounding is to never interrupt it unnecessarily. Keep the cash flowing in."

"It’s not just about winning. It’s about not losing."

"Invert, always invert. Look at what you want to avoid as much as what you want to achieve when assessing risk."

"Invert, always invert: Turn a situation or problem upside down. Look at it backward."

"Knowing what you don't know is more useful than being brilliant."

"Envy is a really stupid sin because it's the only one you could never possibly have any fun at."

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

"The first rule of compounding: Never interrupt it unnecessarily."

"You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time."

"A lot of people with high IQs are terrible investors because they’ve got terrible temperaments."

"We insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business."

"If you want to get a good spouse, the best way is to deserve a good spouse."

"Generally speaking, envy, resentment, revenge, and self-pity are disastrous modes of thought."

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

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

"Simplicity has a way of improving performance through enabling us to better understand what we are doing."

"There is no better teacher than history in determining the future... There are answers worth billions of dollars in $30 history books."

"Opportunity comes to the prepared mind."

"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."

"Extreme patience combined with extreme decisiveness. You may call that our investment process. Yes, it's that simple."

"Whenever you think that some situation or some person is ruining your life, it is actually you who are ruining your life... Feeling like a victim is a perfectly disastrous way to go through life."

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

"Mimicking the herd invites regression to the mean."

"You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas."

"It takes character to sit with all that cash and to do nothing. I didn't get to where I am by going after mediocre opportunities."

"Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence. I desperately wanted it."

"We look for a horse with one chance in two of winning and which pays you three to one."

"People calculate too much and think too little."

"The habit of committing far more time to learning and thinking than to doing is no accident."

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

"Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts."