Charlie Munger is one of the most remarkable investors ever, and it is obvious that a lot of investors look for Charlie Munger quotes for inspiration and guidance.
Warren Buffett is one of the most successful investors in history, but he would be the first to tell you that he wouldn't have achieved such success without Charlie Munger.
Charlie Munger is Buffett's business partner and vice chairman of Berkshire Hathaway, and he has a lot of wisdom to share when it comes to investing and life in general. We will explore some of the best Charlie Munger quotes.
Charlie Munger quotes on investing
As mentioned earlier, Charlie Munger is known as one of the greatest investors ever. Here are some of his best quotes about investing:
1."Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk." - Charlie Munger
This quote explains that Charlie Munger does not believe in using formal projections when it comes to investing. He believes that they are often foolish and can lead people astray.
2."I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100." "I think the people who argue for all this diversification — by the way, I call it ‘diworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage." - Charlie Munger
Do not invest in every new trend you see. It's too difficult to be an expert in everything, it's better to know a lot about a few things than a little about everything.
3."Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things." - Charlie Munger
The two Berkshire Hathaway leaders made fortunes understanding the power of compound interest. If you can understand this concept, it teaches lessons that you can apply to other aspects of life.
4."All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock." - Charlie Munger
This Charlie Munger quote is about value investing. Value investors look for companies that are undervalued by the market and then buy them in the hopes that they will go up in value. Munger is a big proponent of value investing.
5."We have three baskets for investing: yes, no, and too tough to understand." - Charlie Munger
This Charlie Munger quote is about investing in companies that you understand. Munger believes that you should only invest in companies that you know and understand. This is why he has a "no" basket for investments. If he doesn't understand a company, he won't invest in it.
6."The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn’t think this way." - Charlie Munger
Charlie Munger's investing strategy is focused on finding good investments. He would rather approach investing by concentrating capital on a few companies that he understands rather than a diverse method.
7."Live within your income and save so you can invest. Learn what you need to learn." - Charlie Munger
8."The most extreme mistakes in Berkshire’s history have been mistakes of omission. We saw it, but didn’t act on it. They’re huge mistakes – we’ve lost billions. And we keep on doing it. We’re getting better at it. We never get over it." - Charlie Munger
It's a terrible feeling to know something is a good investment, but for some reason avoid allocating capital to it. As time passes and you were proven that it would have been a good investment, it's hard to get over. It's one thing to not know about opportunities, it's another to have opportunities and miss them.
9."It's not supposed to be easy. Anyone who finds it easy is stupid." - Charlie Munger
Charlie Munger believes investing requires research and analysis. You need to understand the companies you're investing in and make sure they are a good investment.
10."A great business at a fair price is superior to a fair business at a great price." - Charlie Munger
This Charlie Munger quote is about investing in good companies. He believes that it is better to invest in a great company at a fair price than a fair company at a great price. This is because the great company will eventually go up in value, while the fair company may not.
11."An intelligent investing is value investing, acquiring more than you are paying for." - Charlie Munger
It's no surprise that Charlie prefers value investing. He believes that you should buy companies for less than they are worth and hold them until they reach their full potential.
12."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." - Charlie Munger
Charlie Munger is not interested in taking risks with his money. He would rather invest in good companies and hold them for the long term. This will give him a solid return on his investment while minimizing risk.
13."The liabilities are always 100 percent good. It's the assets you have to worry about."- Charlie Munger
This Charlie Munger quote warns investors of assets on a balance sheet that don't have any real value. Charlie Munger believes that assets can be overvalued, and you need to be careful when investing in them.
14."Wall Street has too much wealth and political power." - Charlie Munger
Charlie Munger believes that Wall Street has too much wealth and political power. This gives them an advantage over the average investor.
15."Our game is to recognize a big idea when it comes along when one doesn't come along very often." - Charlie Munger
Charlie Munger is always on the lookout for big ideas. He believes that you need to recognize them when they come along and invest in them.
16."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." - Charlie Munger
He believes that most people's risk to reward ratio is wrong. Charlie warns that this type of miscalculation is why many investors fail in the markets.
17."Everywhere there is a large commission, there is a high probability of a rip-off." - Charlie Munger
Some investing platforms charge a large commission and it's likely a rip-off. This is because the company is trying to make money off of you and not looking out for your best interests. Know your fees and pick the best options available.
18."It is in the nature of stock markets that they go down. So people suffer then. Conservative investing and steady saving without expecting miracles is the way to go." - Charlie Munger
The stock market will go down at times, and you don't want to lose all of your money. Stay conservative and have enough savings for when the market goes down.
19."The way to get rich is to keep $10 million in your checking account in case a good deal comes along." - Charlie Munger
Charlie Munger is a firm believer in keeping cash on hand. He believes that you should have enough cash to take advantage of good deals when they come along.
What did Charlie Munger say about Bitcoin?
Charlie Munger is not a fan of Bitcoin. He has called it "rat poison squared" and says that it's "totally asinine." Munger isn't alone in his assessment of Bitcoin. Warren Buffett has also said that he would never invest in Bitcoin, calling it a "mirage."
So why do Charlie Munger and Warren Buffett dislike Bitcoin?
Munger has said that the main reason he doesn't like Bitcoin is that it doesn't produce anything of value. He has also said that it's "a commodity with no actual use." In other words, people are buying Bitcoin simply because they think it will go up in value. This is speculation, not investing.
Munger has also criticized Bitcoin for its lack of stability. He has pointed out that the price of Bitcoin is incredibly volatile and has been known to drop by 25% or more in a single day. This makes it a very risky investment.
Bottom line: Charlie Munger is not a fan of Bitcoin. He believes it's overvalued, unstable, and doesn't produce anything of value. If you're thinking about investing in Bitcoin, you should listen to Charlie Munger and Warren Buffett and stay away.
Charlie Munger quotes on cryptocurrency
It's no secret that Charlie Munger is not a fan of cryptocurrency. Here are some more Charlie Munger quotes on cryptocurrency:
20." Waving the red flag at the bull." - Charlie Munger
21."I hate the bitcoin success."- Charlie Munger
22."I think the whole damn development is disgusting and contrary to the interests of civilization." - Charlie Munger
23."I want to make my money by selling people things that are good for them, not things that are bad for them" - Charlie Munger
24."The Chinese made the correct decision, which is just to simply ban them," - Charlie Munger
25."I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air." - Charlie Munger
26."I think people who are professional traders that are going to trade cryptocurrencies, it’s just disgusting," - Charlie Munger
27."It’s like someone else is trading turds and you decide I can’t be left out." - Charlie Munger
28."I don’t think bitcoin is going to end up the medium of exchange for the world." - Charlie Munger
29."It’s too volatile...to serve well as a medium of exchange." - Charlie Munger
30."It’s really kind of an artificial substitute for gold" - Charlie Munger
31."Since I never buy gold, I never buy any bitcoin, and I recommend other people follow my practice" - Charlie Munger
32."The pursuit of the uneatable by the unspeakable." - Charlie Munger
33."We will not be following Tesla into bitcoin" - Charlie Munger
34."They’ll sell shit as long as shit can be sold" - Charlie Munger
35."Would facilitate a lot of illicit activity" - Charlie Munger
As mentioned earlier, he does not like bitcoin at all. The success of this asset makes him upset. He does not like how bitcoin is becoming more accepted and developing as a technology and asset. He does not believe it is helpful for civilization.
Charlie Munger quotes on success
Charlie Munger is one of the most successful investors of all time. But he didn't achieve this success overnight. It took him years of hard work and dedication to get to where he is today. Here are some words of wisdom, and Charlie Munger quotes to remember on your journey to success:
36."I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge."- Charlie Munger
It's important to be cautious of people that make bold statements when it's clear they haven't done much research about the subject. Being around these types of people can create distortions in evaluating investments and life events.
37."I think Warren and I know the edge of our competency better than other people do." - Charlie Munger
It's important to be aware of your own limitations and not venture into unfamiliar territory. Trying to do too much can lead to disastrous consequences.
38."I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish." - Charlie Munger
Know where your customers are and how to reach them. Even if you have the best product or service, if your customers can't buy it, it won't matter.
39."I always say I want to know where I would die so I can never go there." - Charlie Munger
Try to avoid places and situations that are risky. It's not worth it to put your life in danger for a potential payoff.
40."I did not succeed in life by intelligence. I succeeded because I have a long attention span." - Charlie Munger
A long-term mentality and the ability to focus are more important than intelligence. Learn how to focus for long periods and avoid distractions if you want to be successful.
41."You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas." - Charlie Munger
Charlie Munger knows that it's important to consider opposing arguments. We can't just blindly accept our own ideas. We need to be open-minded and willing to listen to other points of view. This is something Charlie Munger has learned over his years of experience in business and investing.
42."Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat." - Charlie Munger
Charlie Munger knows that reputation and integrity are two of the most important things we have. We can lose them very easily, so we need to be careful. This is something Charlie Munger has learned over his years of experience in business and investing.
43." Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it's time." - Charlie Munger
Charlie Munger believes that success comes from being patient, but aggressive when it's time. We can't be passive and wait for things to happen. We need to take action and make things happen. Charlie Munger has seen this in his many years of experience in business and investing.
44." To get what you want, you have to deserve what you want. That world is not yet a crazy enough place to reward a whole bunch of people." - Charlie Munger
In this Charlie Munger quote, he is talking about success. He believes that you have to deserve what you want in life. You can't just sit back and hope for the best. You have to work hard and put in the effort if you want to be successful.
45."You should avoid sloth and unreliability." - Charlie Munger
Charlie Munger is a big believer in hard work. He believes that if you're not willing to put in the effort, you'll never be successful. If you want to achieve your goals, you have to be willing to work hard and be reliable.
46."You’ll do better if you have passion for something in which you have the aptitude. If Warren [Buffett] had gone into ballet, no one would have heard of him." - Charlie Munger
Do what you love. Charlie Munger believes that if you're passionate about something and pursue that, you'll do better in life. You need to find something that you're good at and enjoy.
47."Take a simple idea, and take it seriously." - Charlie Munger
This Charlie Munger quote is about simplicity. He believes that you should take a simple idea and run with it. Don't overcomplicate things. Keep it simple and focus on what you're trying to achieve.
48."Mimicking the herd invites regression to the mean." - Charlie Munger
Charlie Munger is a big believer in thinking for yourself. He believes that if you blindly follow the herd, you'll never achieve anything great. You need to think for yourself and make your own decisions if you want to be successful.
49."Just because you like it does not mean that the world will necessarily give it to you." - Charlie Munger
Charlie Munger advocates working hard. He knows that success does not come easy and you have to be prepared for disappointment. You also can't rely on others to give you what you want- you need to work for it yourself.
50."I would argue that passion is more important than brainpower." - Charlie Munger
Charlie Munger believes that passion is more important than intelligence. He thinks that if you're passionate about something, then you'll be able to learn and do anything. This is a great piece of advice from Charlie Munger.
51."The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor." - Charlie Munger
This quote is Charlie Munger's way of saying that you get what you incentivize. If you want people to do something, then you need to reward them for doing it.
52."I think that one should recognize the reality even when one doesn't like it; indeed, especially when one doesn't like it." - Charlie Munger
Charlie Munger is advising us to face reality. He knows that it's important to face the facts, even when they're not what you want them to be. This is an important piece of advice from one of the best Charlie Munger quotes.
53."The best armor of old age is a well-spent life perfecting it."- Charlie Munger
Charlie Munger believes that the best way to prepare for old age is to live a good life. He thinks that if you live a well-rounded life, then you'll be better prepared for the challenges of old age.
Charlie Munger quotes on life
This legendary investor isn't just wise with investing, he is also insightful about life. Here are some helpful Charlie Munger quotes on life:
54."If all you succeed in doing in life is getting rich by buying little pieces of paper, it’s a failed life. Life is more than being shrewd in wealth accumulation. A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage etc." - Charlie Munger
Charlie Munger is a big believer in living a well-rounded life. He knows that success isn't just about making money. You need to have other interests and pursuits in order to live a successful life.
55."Being something and doing something that no one had done before are two different things." - Charlie Munger
Charlie Munger believes that it's important to do something different than everyone else. If you want to be successful, you can't just copy what everyone else is doing. You have to find your own path and blaze a new trail.
56."A majority of life's errors are caused by forgetting what one is really trying to do." - Charlie Munger
This means that a lot of the mistakes we make in life are due to forgetfulness. We forget what we're really trying to achieve and end up making bad decisions. This is why it's important to have a clear goal in mind and stay focused on your goals at all times.
57."It’s not given to human beings to have such talent that they can just know everything about everything. But it is given to human beings who work hard at it – who look and sift the world for a mispriced bet – that they can occasionally find one. And 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." - Charlie Munger
Charlie Munger is saying that you can't know everything. But if you work hard and look for opportunities, you can find them. And when you find them, you need to take advantage of them. This is Charlie Munger's way of saying that you need to be opportunistic in life.
58."The best thing a human can do is to help another human being know more." - Charlie Munger
This is one of the best Charlie Munger quotes, as he is all about helping others. He believes that the best thing we can do for each other is to help them learn and grow. We should share our knowledge with others and help them become the best they can be.
59."Generally speaking, envy, resentment, and self-pity are disastrous modes of thoughts. Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse." - Charlie Munger
Charlie Munger is not a big fan of envy or resentment. He believes that these emotions are destructive and can ruin our lives if we're not careful. We should avoid feeling envious of others and resenting them for what they have. Instead, we should focus on ourselves and be grateful for what we have.
60."People should take away less than they're worth when they are favored by life...I would argue that when you rise high enough in American Business you've got a moral duty to be underpaid" - Charlie Munger
Charlie Munger believes that successful people should be paid less than they're worth. He thinks that it's their moral duty to take a pay cut so that others can be successful too. This is a unique perspective, but it's one that Charlie Munger firmly believes in.
61."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." - Charlie Munger
Charlie Munger believes that we must give back to society. He thinks that we should help others, whether we do it through our actions or our charitable donations. It's up to each individual to decide how they want to give back, but Charlie Munger thinks it's important that we all do our part.
62."We think there should be a huge area between what you’re willing to do and what you can do without significant risk of suffering criminal penalty or causing losses. We believe you shouldn’t go anywhere near that line. You ought to have an internal compass. So there should be all kinds of things you won’t do even though they’re perfectly legal. That’s the way we try to operate." - Charlie Munger
Charlie Munger believes that we should all have an internal moral compass. We should look to do the right thing because it's the right thing to do, not just because of the laws.
63."No man is fit to hold office who isn't perfectly willing to leave it at any time..." - Charlie Munger
He thinks that we should be prepared to give up our power at any time. This is an interesting perspective, and it's one that Charlie Munger feels strongly about.
64."When you borrow a man's car, always return it with a tank of gas." - Charlie Munger
This is a great piece of advice, and one of the best Charlie Munger quotes on life. He believes that we should always treat others the way we want to be treated. It also means to pay off your debts and to be grateful for what you have.
65."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." - Charlie Munger
Charlie Munger is not a fan of the way some philanthropic organizations are run. He believes that they could be doing more good if they were run more like businesses.
66."That’s the reason so many people are ruined by gambling – they get behind and then they feel like they have to get it back the way they lost it. It’s a deep part of human nature." - Charlie Munger
Charlie Munger believes that gambling can ruin our lives. He thinks that we often get in over our heads and then feel like we have to win back what we lost. This can be a dangerous mindset, and Charlie Munger wants us to avoid it at all costs.
67."A lot of people think if you just had more process and more compliance checks and double-checks and so forth-you could create a better world. We just try to operate in a seamless web of deserved trust and be careful of whom we trust." - Charlie Munger
This is a wise quote that explains it is better to work with people you can trust than someone you can't. Always having to verify something is time-consuming and repetitive. Society would be more efficient if all relationships were based on trust, not compliances.
68."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." - Charlie Munger
Charlie Munger believes that we need to be able to adapt to new information. We can't always rely on what we know, and sometimes we have to make decisions even when the odds are against us. This is something Charlie Munger has learned over his years of experience in business and investing.
69."Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won." - Charlie Munger
Charlie Munger believes that we should always assume the worst and then see if we can still handle it. If we can, then we're in a good position. This is a great way to approach life and it's something that Charlie Munger has used to become successful.
70."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..." - Charlie Munger
This Charlie Munger quote is about resilience and determination. Life's events can be tough, but it's how we react to them that matters. Charlie Munger believes that some people give up when they face hardships, while others find a way to overcome them. It's our choice on how we want to react to difficult situations. Charlie Munger has faced many hardships in his life, but he has always found a way to overcome them.
71."When Warren lectures at business schools, he says ‘I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches – representing all the investments that you got to make in a lifetime. And once you’d punched through the card, you couldn’t make any more investments at all. ‘ He says ‘Under those rules, you’d really think carefully about what you did, and you’d be forced to load up what you’d really thought about." - Charlie Munger
Charlie Munger believes that we should be more thoughtful about our investments. We should make sure that we're investing in things that we really believe in and that we understand. This is a great way to avoid making bad investments and losing money.
72."One solution fits all is not the way to go. All these cultures are different. The right culture for the Mayo Clinic is different from the right culture at a Hollywood movie studio. You can't run all these places with a cookie-cutter solution." - Charlie Munger
Charlie Munger believes that one size does not fit all. What works for one company or organization might not work for another. He has seen this in his many years of experience in business and investing. Each company needs to find its own unique culture that will help it succeed.
73."There's a tendency to think that 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." - Charlie Munger
Charlie Munger doesn't forget the past. He knows that there have been bad politicians in the past, and he doesn't think our present politicians are as bad as we make them out to be. Charlie Munger is a realist who looks at things objectively.
74."The highest form that civilization can reach is a seamless web of deserved trust-not much procedure, just totally reliable people correctly trusting one another..." - Charlie Munger
Charlie Munger believes that the highest form of civilization is one where people can trust each other. There is no need for excessive procedures or compliance checks. Charlie Munger has seen this in his many years of experience in business and investing.
75."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." - Charlie Munger
Charlie Munger believes that you don't need to be a genius to be successful. You just need to know a few simple things and really know them. Charlie Munger has used this approach to become successful in business and investing.
76."Don't drift into self-pity because it doesn't solve any problems." - Charlie Munger
Charlie Munger is a practical person who takes action to solve his problems. Self-pity doesn't solve any problems and it's a waste of time.
77."It makes sense to have a lot of models because then you can always use the model that fits the facts." - Charlie Munger
Having multiple models is important because it allows you to always have the right model for the situation. Charlie Munger has used this approach to become successful in business and investing.
78."You need patience, discipline, and agility to take losses and adversity without going crazy." - Charlie Munger
Charlie Munger knows that losses and adversity are a part of life. You need to have the patience, discipline, and agility to take them without going crazy. Charlie Munger has used this approach to become successful in business and investing.
79."No wise pilot, no matter how great his talent and experience, fails to use a checklist." - Charlie Munger
Even the wisest and most skilled people need to have systems and processes in place to prevent failure. Without proper quality checks, projects will not be sustainable as failures or accidents are bound to happen.
80."If something is too hard, we move on to something else. What could be more simpler than that?" - Charlie Munger
Charlie Munger is a practical person who takes action to solve his problems. He does not like to waste time and energy on something too difficult.
81."There is no way you can live an adequate life without making mistakes." - Charlie Munger
Mistakes are a part of life. Don't live in fear of making them. Charlie Munger has made mistakes, but he has also learned from them.
82."Invert, always invert: Turn a situation or problem upside down. Look at it backward." - Charlie Munger
Seeing things from multiple perspectives is a key to Charlie Munger's success. He always looks at problems and situations from multiple angles to find the best solution. This is also known as "thinking outside the box."
83."We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works."- Charlie Munger
Understand what is working and repeat that. Don't waste time and energy trying things that might not work when you already have something that is working.
Charlie Munger quotes on marriage
Charlie Munger may not be known as a relationship counselor, but he has some great quotes about marriage. Here are some wise words from Charlie Munger about marriage:
84."If you want to be happy in marriage, try to improve yourself as a spouse, not change your spouse." - Charlie Munger
Charlie Munger believes that the key to a happy marriage is to improve upon yourself so you can be a better spouse rather than blaming and trying to change your partner.
85."I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you." - Charlie Munger
Charlie Munger believes that you should marry the best person who is convenient and available, not necessarily the person you are in love with.
86."The best way to get a good spouse is to deserve a good spouse." - Charlie Munger
Charlie Munger believes that the best way to find a good spouse is to be a good person yourself. If you are a good person, you will attract good people into your life.
87."In marriage, you shouldn't look for someone with good looks and character. You look for someone with low expectations."- Charlie Munger
Charlie Munger believes that you should marry someone who has low expectations for the relationship. This way, you will not be disappointed and you can both enjoy the relationship.
Charlie Munger quotes on learning
This investing icon does not shy away from explaining the importance of learning. Here are Charlie Mungers quotes about learning that you should remember:
88."I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could." - Charlie Munger
This quote means that learning should not be constrained by the traditional academic disciplines. Charlie Munger has learned from a variety of different sources, which has made him successful.
89."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 boy does that help—particularly when you have a long run ahead of you." - Charlie Munger
Learning prepares you for the journey and challenges ahead. It's not about the intelligence you start with but the amount of knowledge you gain along the way.
90."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." - Charlie Munger
As you gain knowledge and learn more about how the world works, your expressions based on your research may be contrary to popular beliefs. Don't let anyone's negative opinions stop you from learning more.
91."If you keep learning all the time you have a huge advantage." - Charlie Munger
This is one of the best Charlie Munger quotes. He believes that if you keep learning, you will have a big advantage over others. This is because you will always be up-to-date on the latest information and trends. You will also be able to apply this knowledge to your life and work.
92."I don’t know anyone who [learned to be a great investor] with great rapidity. Warren has gotten to be one hell of a lot better investor over the period I’ve know him, as have I. So the game is to keep learning. You have to like the learning process. I’ve watched Warren for decades. Warren has learned a lot, which has allowed him to [expand his circle of competence so he could invest in something like Petro China]." - Charlie Munger
Charlie Munger believes that you have to like the learning process in order to be a successful investor. Warren Buffett, his business partner, has learned a lot over the years and has expanded his circle of competence so that he can invest in a variety of different companies.
93."If you don’t keep learning, other people will pass you by." - Charlie Munger
Your competitors are learning more each day. If you don't keep up, you will be left behind.
94."I have been associated for many years with a man legendary for good judgment, and 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." - Charlie Munger
Learning about the fundamentals and relearning the principles can be applied in a variety of ways and help you become successful. You don't always have to learn the most advanced concepts.
95."Spend each day trying to be a little wise than you were when you wake up." - Charlie Munger
This quote shows his desire to always be a student each day. Learning is a lifelong process for Charlie Munger. He has said that he spends 80% of his time reading and learning. This allows him to continue getting wiser as he gets older.
96."Those who keep learning will keep rising in life." - Charlie Munger
He believes that knowledge is power. The more you know, the better equipped you will be to handle whatever life throws your way.
97."Confucious 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..." - Charlie Munger
Charlie Munger has a lot of respect for these two ancient Greek philosophers. He believes that they were onto something when they said that the key to knowledge is knowing your own ignorance. This is a quote explaining the importance of self-awareness. Wisdom comes from learning about your strengths and weaknesses.
98."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." - Charlie Munger
Charlie Munger is urging people to never stop learning. He believes that it is a moral duty to gain knowledge and wisdom. You will not get very far in life if you rely on what you already know. It is only when you continue learning that you will make progress.
99."Some people are extraordinarily good at knowing the limits of their knowledge because they have to be." - Charlie Munger
Charlie Munger is very aware of his limitations. He knows that he cannot know everything and he is okay with that. This allows him to be more open-minded and accepting of different viewpoints.
100."Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts...At the end of the day if you live long enough most people get what they deserve." - Charlie Munger
Charlie Munger's advice is to slowly but surely get ahead in life. He believes that if you do your best to learn a lot and work hard, you will eventually be rewarded. However, he also acknowledges that this process takes time and patience.
101."Simplicity has a way of improving performance by enabling us to better understand what we are doing." - Charlie Munger
Overcomplicating concepts can lead to flawed decision-making. Charlie Munger preaches the importance of simplicity when it comes to investing and life in general. By keeping things simple, we can better understand what is happening around us and make sound decisions.
102."Acknowledging what you don't know is the dawning of wisdom." - Charlie Munger
Charlie Munger is a firm believer in the power of admitting what you don't know. He believes that this is the first step to wisdom. By admitting that we don't know everything, we open ourselves up to learning new things.
103."We recognized early on that smart people do very dumb things, and we wanted to know why and who, so that we could avoid them." - Charlie Munger
Charlie Munger is a big believer in learning from others' mistakes. He and Warren Buffett have spent their careers studying the mistakes of other investors. This has helped them to avoid making these same mistakes themselves.
104."... 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." - Charlie Munger
Charlie Munger is a big believer in living below your means. He believes that if you spend more money than you make, you will end up being miserable. This is something that Charlie Munger has always tried to live by himself.
Charlie Munger quotes on reading
Charlie's business partner Warren Buffet is known to read an entire book per day. But he is not the only one at Berkshire Hathaway who reads a lot. Charlie himself is an avid reader and has said that he spends most of his time reading.
105."We both (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." - Charlie Munger
This quote emphasizes the importance of not just reading, but thinking deeply about what you read. Success doesn't just come from reading, you also need to understand the concepts and explanations to gain the most knowledge.
106."In my whole life, I have known no wise people...who didn't read all the time --none, zero. You'd be amazed at how much Warren reads --at how much I read...They think I'm a book with a couple of legs sticking out." - Charlie Munger
Charlie Munger believes in the power of reading. He attributes reading to the reason for wisdom. Reading allows you to learn from others, increase your knowledge, and become wiser. One of the reasons you should invest in knowledge.
107."Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day." - Charlie Munger
Charlie Munger believes that lifelong learning is important. This allows him to continue getting wiser as he gets older. He suggests reading voraciously to become a lifelong learner. Charlie Munger also believes in curiosity, which is key to learning and growing.
108."There is no better teacher than history in determining the future...there are answers worth billions of dollars in a 30$ history book." - Charlie Munger
Charlie Munger is a big believer in the power of reading about history. He believes that history can teach us a lot about the future. He has made billions of dollars by learning from history and applying it to his investing.
Charlie Munger funny quotes
Charlie Munger is known for his wit and humor. Here are some funny Charlie Munger quotes:
109."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."
- Charlie Munger
A funny quote from Charlie Munger about learning from your mistakes. Charlie Munger believes that it is important to learn from your mistakes in order to avoid making them again.
110."Capitalism without failure is like religion without hell." - Charlie Munger
A funny Charlie Munger quote on how bankruptcy and failure are essential for a strong economy.
111."I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish." - Charlie Munger
This is one of the funniest Charlie Munger quotes. He explains that investment managers are selling something that they don't use themselves. They bait customers with products that don't work.
112."People calculate too much and think too little." - Charlie Munger
In this quote, he is poking fun at the fact that people tend to overthink things. Sometimes, it's best to just trust your gut and go with your instinct.
113."Is there such a thing as a cheerful pessimist? That's what I am." - Charlie Munger
In this quote, Charlie Munger is poking fun at himself. He knows that he can be pessimistic at times, but he tries to find humor in it.
114."Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well." - Charlie Munger
This quote is a funny way to explain the importance of learning. Not having knowledge will disable you from performing at your best.
Charlie Munger quotes on patience
“Patience is a virtue” is a common phrase that's been used by countless people over the years. Here are some Charlie Munger quotes about patience:
115.“The world is full of foolish gamblers and they will not do as well as the patient investors.” - Charlie Munger
This quote explains that being patient may not be as much fun, it is better than being foolish and taking unnecessary risks.
116."You have to be very patient, you have to wait until something comes along, which, at the price you’re paying, is easy. That’s contrary to human nature, just to sit there all day long doing nothing, waiting. It’s easy for us, we have a lot of other things to do. But for an ordinary person, can you imagine just sitting for five years doing nothing? You don’t feel active, you don’t feel useful, so you do something stupid." - Charlie Munger
Charlie Munger explains that it is not easy to be patient. It is human nature to want to be active and do something, even if it is not the smartest thing to do.
117.“The big money is not in the buying or selling, but in the waiting.” - Charlie Munger
This quote from Charlie Munger is a great reminder that patience is key when it comes to investing. It's important to remember that the big money isn't made in the buying or selling, but in the waiting. Charlie Munger is one of the world's most successful investors, and he attributes his success to his patience and long-term thinking.
118.“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments.” - Charlie Munger
This Charlie Munger quote is a great reminder that IQ is not the only thing that matters when it comes to investing. This is because a lack of emotional control will cause even the most intelligent people to make miscalculated mistakes.
119."It takes character to sit with all that cash and to do nothing. I didn't get to the top where I am by going after mediocre opportunities." - Charlie Munger
This Charlie Munger quote is about patience. Munger believes that it's important to be patient and wait for the right opportunity rather than going after mediocre opportunities. This can be difficult, but it's essential if you want to be successful in investing.
120."You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time." - Charlie Munger
This quote is a great reminder that you don't need to be brilliant to be a successful investor. You just need to be a little bit wiser than the average person and have the patience to stay the course.
121."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." - Charlie Munger
In this Charlie Munger quote, he is talking about the importance of patience when it comes to investing. He believes that if you can't stand to wait, then you won't be successful as an investor. This is because successful investing takes time and patience in order to achieve results.
122."Sit on your ass investing. You're paying less to brokers, you're listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per annum." - Charlie Munger
Charlie Munger is a big fan of passive investing. He believes that it's the best way to make money in the market while minimizing risk. There is also a good tax incentive in this investing strategy.
What did Charlie Munger say about Elon Musk?
Munger had this to say about Elon Musk: "thinks he's even more able than he is and that's helped him."
In other words, Munger believes that Musk is a very talented businessman, but he's also a bit too arrogant for his own good. He has also said the following quote about Elon Musk:
"Never underestimate the man who overestimates himself. Some of the extreme successes are going to come from people who try very extreme things because they're overconfident," he continued. “And when they succeed, well, there you get Elon Musk."
This quote explains that Charlie Munger believes that Elon Musk's success is due in part to his overconfidence. He also believes that this overconfidence could eventually lead to Musk's downfall.
So what sets Elon Musk apart from other businessmen?
Munger believes that Musk is unique because he has a lot of technology at his disposal that can make a big difference. He cites Tesla, SpaceX, and SolarCity as examples of companies that are making a real impact on the world.
Munger also praises Musk for his willingness to take risks. He says that most people are too afraid to risk failure, but Musk is not afraid to try new things and challenge the status quo.
Bottom line: Charlie Munger has a lot of respect for Elon Musk. He believes that he is changing the world for the better and praises him for his willingness to take risks. He respects Elon Musk for being bold and believes that's what helps him become successful, although his risk appetite is too much to invest in.
These Charlie Munger quotes provide a glimpse into the mind of a master investor and life philosopher. These Charlie Munger quotes will help you live a better life and be more successful in everything you do. Use these Charlie Munger quotes to motivate yourself to succeed and achieve your goals.
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