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33 Fantastic Charles Munger Quotes

Charlie Munger is an American businessmen, lawyer, and investor. As the Vice President of Berkshire Hathaway, Warren Buffet can only describe Munger as his partner. During his decades of success, much sound advice has been shared by Munger. Here is a look at just some of the fantastic Charles Munger quotes to never forget.

“A lot of people with high IQ’s are terrible investors because they’ve got terrible temperaments.”

“After all, a competing product, if it is never tried, can’t act as a reward creating a conflicting habit. Every spouse knows that.”

“An idea or fact is not worth more merely because it’s easily available to you.”

“Arrangements between partners are tricky and rely on a combination of brains, judgement and trustworthiness.”

“Do the best you can do. Never tell a lie. If you say you’re going to do it, get it done. Nobody cares about an excuse. Leave for the meeting early. Don’t be late., but if you are late, don’t bother giving people excuses.”

“Just apologize. They’re due the apology, but they’re not interested in the excuse.”

“Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.”

“I am quite pleased with my children in terms of morality, behavior and such.”

“I don’t think you can get to be a really good investor over a broad range without doing a massive amount of reading. I don’t think any one book will do it for you.”

“I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.”

“I never went back to the high tech [investing] mode. I tried it once and found it to have many problems. I was like Mark Twain’s cat that, after a bad experience, never again sat on a hot stove, or on a cold stove either.”

“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.””

“I’m a great believer in solving hard problems by using a checklist. You need to get all the likely and unlikely answers before you; otherwise it’s easy to miss something important.”

“I’ve had kids in both moderate and immoderate circumstances, and to be honest, my children that were raised when we had less money have worked harder.”

“If, in your thinking, you rely entirely on others, often through purchase of professional advice, whenever outside a small territory of your own, you will suffer much calamity.”

“Investors can have 90% of their wealth in a single company, if it is the right company.”

“Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”

“Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence. I desperately wanted it.”

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

“Most people who try [investing] don’t do well at it. But the trouble is that if even 90 percent are no good, everyone looks around and says, “I’m the 10 percent.”

“Our education was far too uni-disciplinary. Many problems by nature, cross many academic disciplines.”

“People are trying to be smart – all I am trying to do is not to be idiotic, but it’s harder than most people think.”

“People underrate the importance of a few simple big ideas – the chief lesson is that a few big ideas really work.”

“Simplicity has a way of improving performance through enabling us to better understand what we are doing.”

“The difference between a good business and a bad business is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.”

“The perfect example of Darwinism is what technology has done to businesses.”

“There are huge advantages for an individual to get into a position where you make a few great investments and just sit back, you’re paying less to brokers, you’re listening to less nonsense.”

“There’s integrity, intelligence, experience and dedication.”

“There’s more honor in investment management than in investment banking.”

“Wall Street has too much wealth and political power.”

“What you have to learn is to fold early when the odds are against you or if you have a big edge, back it heavily because you don’t get a big edge often. Opportunity comes, but it doesn’t come often, so seize it when it does come.”

“You don’t have to know everything. A few really big ideas carry most of the freight.”

“You need patience, discipline, and an ability to take losses and adversity without going crazy.”

“You ought to have an internal compass. So there should be all kinds of things you won’t do even though they’re perfectly legal. That’s the way we try to operate.”

Charlie Munger is the long time business partner and famed investor of Warren Buffet. In his talk with BBC, Munger demonstrates his plain outspoken nature and financial wit and genius. These are the strong qualities that has helped him gain shareholders of Barkshire Hathaway untold fortunes.

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