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Charlie Munger Quotes
1924–2023 United States
Charles Thomas Munger (January 1, 1924 – November 28, 2023) was Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by investor Warren Buffett.
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23 quotes
Good investing requires a weird combination of patience and aggression.
I don't think that she knows who Adam Smith was.
If you want to succeed in investments, start early and try hard and keep doing it. All success comes that way, by and large.
The hard part of the process for most people is the first $100,000. If you have a standing start at zero, getting together $100,000 is a long struggle for most people.
I think American education could be better — but not in the hands of many of the people who now teach it.
All successful investment involves trying to get into something where it's worth more than you're paying. That's what successful investing is.
Never, ever, think about something else when you should be thinking about the power of incentives
You fix what can be fixed, and what can't be fixed you endure.
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: The Complete Investor (2015)
We don't want to make our money selling things that are bad for people.
There is one thing we are quite passionate about — and that is serving the customers who have trusted us.
The mistakes that have been most extreme in Berkshire's history are mistakes of omission. They don't show up in our figures — they show up in opportunity costs.
I am a biography nut myself, and I think when you're trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them.
In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three
Show me the incentive and I will show you the outcome.
There's a lot of lying in modern finance. ... I don't like lying.
The first $100,000 is a bitch, but you gotta do it. I don’t care what you have to do — if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000. After that, you can ease off the gas a little bit.
What I would say is the single most important thing, if you want to avoid all the stupid errors, is knowing where you're competent and where you aren't. And that's very hard to do because the human mind naturally tries to make you think you're way smarter than you are.
... much of what is taught in modern corporate finance courses is twaddle.
... some people try to get on the cutting edge of change — they are destroying other people, instead of being destroyed themselves.
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