Charlie Munger Quotes

You don’t have a lot of envy, you don’t have a lot of resentment. You don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people, and you do what you’re supposed to do. And all these simple rules work so well to make your life better. And they’re so trite.

I think a life properly lived is just learn, learn, learn all the time.

To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of
undeserving people.

This sort of tragedy is caused by letting the slop run. You must stop slop early. It’s very hard to stop slop and moral failure if you let it run for a while.

Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. … 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. There must be some wisdom in the folk saying, `It’s the strong swimmers who drown.

The great algorithm to remember in dealing with this tendency is simple: an idea or a fact is not worth more merely because it’s easily available to you.

It is in the nature of things, as Jacobi knew, that many hard problems are best solved only when they are addressed backward. For instance, when almost everyone else was trying to revise the electromagnetic laws of [James Clerk] Maxwell8 to be consistent with the motion laws of Newton, Einstein9 discovered special relativity as he made a 180-degree turn and revised Newton’s laws to fit Maxwell’s.

Mimicking the herd invites regression to the mean (merely average performance).

There’s only one right way to do it: You have to get the main doctrines together and use them as a checklist. And, to repeat for emphasis, you have to pay special attention to combinatorial effects that create lollapalooza consequences.

It is not always recognized that to unction best, morality should sometimes appear unfair, like most worldly outcomes. The craving for perfect fairness causes a lot of terrible problems in system function. Some systems should be made deliberately unfair to individuals because they'll be fairer on on average for all of us. Thus, there can be virtue in apparent non-fairness.

First, there’s mathematics. Obviously, you’ve got to be able to handle numbers and quantities — basic arithmetic. And the great useful model, after compound interest, is the elementary math of permutations and combinations. That was taught in my day in the sophomore year in high school. I suppose by now, in great private schools, it’s probably down to the eighth grade or

The second helpful notion mimics Galileo’s50 conclusion that scientific reality is often revealed only by math as if math was the language of God. Galileo’s attitude also works well in messy, practical life. Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an ass-kicking contest.

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

"I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings.

There is no better teacher than history in determining the future. There are answers worth billions of dollars in a $30 history book.” The same might be said of Poor Charlie’s Almanack. It is the ultimate value investment.