Charlie Munger Quotes

The school of life is always open, if you aren't learning more, you are falling further behind

There is nothing more counterproductive than envy. Someone in the world will always be better than you. Of all the sins, envy is easily the worst, because you can't even haven any fun with it. It's a total net loss.

In my whole life, I have known no wise people (over a board subject matter area) who didn't read all the time - none, zero. You'd be amazed how much Warren reads - and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.

Take a simple idea and take it seriously.

The principal job of an academic administration is to keep the people who don’t matter from interfering with the work of the people who do.

It is not usually the conscious malfeasance of your narrow professional adviser that does you in. Instead, your troubles come from his subconscious bias. His cognition will often be impaired, for your purposes, by financial incentives different from yours. And he will also suffer from the psychological defect caught by the proverb “To a man with a hammer, every problem looks like a nail.

A great business at a fair price is superior to a fair business at a great price.

The fourth helpful notion is that the best and most practical wisdom is elementary academic wisdom. But there is one extremely important qualification: You must think in a multidisciplinary manner.

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

forth. And the other is to evaluate the psychological factors that cause subconscious conclusions, many of which are wrong.

The fourth helpful notion is that the best and most practical wisdom is elementary academic wisdom. But there is one extremely important qualification: You must think in a multidisciplinary manner. You must routinely use all the easy-to-learn concepts from the freshman course in every basic subject.

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 they were when they got up and boy that help, particularly when you have a long run ahead of you.

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 they were when they got up and boy does that help, particularly when you have a long run ahead of you.

If you don’t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest.

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