Charlie Munger Quotes

And deprival-superreaction syndrome also comes in: You’re going to lose the whole thing if you don’t put in a little more. People go broke that way because they can’t stop, rethink, and say, “I can afford to write this one off and live to fight again. I don’t have to pursue this thing as an obsession, in a way that will break me.

reality evoked by the Shavian character who said, “In the last analysis, every profession is a conspiracy against the laity.

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.

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

It's not supposed to be easy. Anyone who finds it easy is stupid.

The first helpful notion is that it is usually best to simplify problems by deciding big no-brainer questions first.

"Why fret too much about what you can't fix? Just keep your head down & do your best."

Well, the first rule is that you can’t really know anything if you just remember isolated facts and try to bang ‘em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form. You’ve got to have mental models in your head. And you’ve got to array your experience, both vicarious and direct, on this latticework of models.

Quickly eliminate the big universe of what not to do; follow up with a fluent, multidisciplinary attack on what remains; then act decisively when, and only when, the right circumstances appear.

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.

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.

Richard Feynman as follows: “The first principle is that you must not fool yourself, and you’re the easiest person to fool.

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. But you build discipline by preparing for fast spurts.... Slug it out one inch at a time, day by day. At the end of the day–if you live long enough–most people get what they deserve.

Then, while people are justifying all these layers, it takes forever to get anything done. They’re too slow to make decisions, and nimbler people run circles around them.

Warren always said it’s probably always a mistake to marry for money and it’s really stupid if you’re already rich.