Charlie Munger Quotes


Charlie Munger Quotes

Quotes from Warren Buffett’s equally impressive partner Charlie Munger. A man who at age 30 was broke, divorced, lost his son, and lost vision in one of his eyes. A man with a refreshing brand of simplicity yet an incredibly complex mind.

Charlie Munger Bio

“The best thing a human being can do is to help another human being know more.”

“Go to bed smarter than when you woke up.”

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

“This is really crucial: Warren [Buffett] is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.”

“I think that one should recognize reality even when one doesn’t like it — indeed, especially when one doesn’t like it.”

“To me, it’s obvious that the winner has to be very selective. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.”

“Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.”

“Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It’s called the graph.”

“Some people seem to think there’s no trouble just because it hasn’t happened yet. If you jump out the window at the 42nd floor and you’re still doing fine as you pass the 27th floor, that doesn’t mean you don’t have a serious problem. I would want to address the problem right now.”

”I think that, every time you saw the word EBITDA [earnings], you should substitute the word “bullshit” earnings.”

“Warren talks about these discounted cash flows. I’ve never seen him do one.” ”It’s true,” replied Buffett. “If the value of a company doesn’t just scream out at you, it’s too close.”

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

”Warren spends 70 hours a week thinking about investing .”

”People calculate too much and think too little.”

“We have to have a special insight, or we’ll put it in the ‘too tough’ basket. All of you have to look for a special area of competency and focus on that.”

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

“Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. Partly, people need to justify their fees.”