Charlie Munger Quotes, Thoughts and images

The big money is not in the buying and selling but in the waiting.

Great investing requires a lot of delayed gratification.

To the man with only a hammer, every problem looks like a nail.

Knowing what you don't know is more useful than being brilliant.

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

Investing is where you find a few great companies and then sit on your ass.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.

Opportunity comes to the prepared mind.

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

Intelligent people make decisions based on opportunity costs.

It's a good habit to trumpet your failures and be quiet about your successes.

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

I did not succeed in life by intelligence. I succeeded because I have a long attention span.

If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.

Step by step you get ahead, but rarely in fast spurts.

If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.

The idea of excessive diversification is madness. Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results.

It's not a competency if you don't know the edge of it.

We're the tortoise that has outrun the hare because it chose the easy predictions.

Our biggest mistakes, were things we didn't do, companies we didn't buy.

I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.

It’s not greed that drives the world, but envy.

There is bound to be a regression toward the mean.

Mimicking the herd invites regression to the mean.

I'd rather throw a viper down my shirt front than hire a compensation consultant.

It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.