Best Charlie Munger Quotes I Wish I Had Read

Are you looking for Charlie Munger quotes? If yes, you have come to the right place.

As of 19 February 2021, Charlie Munger’s net worth is estimated to be US$ 2 billion. He was born on 1 January 1924.

He has unique insights into business and life that are rare and correct with unusual consistency. No wonder he has achieved so much success.

Buffett’s grandfather owned a grocery store in Omaha where Munger worked as a child, earning $2 for ten hours. After graduating from Michigan, he became an Army meteorologist during World War II. In 1959, he met Buffett at a dinner party. 

He became the right-hand man of Warren Buffett, a leader of Berkshire Hathaway. Berkshire Hathaway named Charlie Munger vice-chairman. 

Besides being chairman of the Daily Journal Corp, Munger sits on the board of retailer Costco as well.

We have compiled a list of quotes about Charlie Munger for you to read.

Charlie Munger Quotes

“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.”

 

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

 

“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.” 

 

“Live within your income and save so that you can invest. Learn what you need to learn.”

 

“Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.” 

 

“The world is full of foolish gamblers and they will not do as well as the patient investors.” 

 

“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.”

 

“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at 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.” 

 

“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.” 

 

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“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.'” 

 

“Capitalism without failure is like religion without hell.” 

 

“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.” 

 

“I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.”

 

“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. Investment is much the same sort of a process.” 

 

“Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.” 

 

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

 

“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 ‘deworsification’ — 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.” 

 

“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. All these simple rules work so well to make your life better.” 

 

“There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” 

 

“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.”

 

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

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