Charlie Munger Dies at 99. Here are His Best Quotes
In the investment world, wisdom often comes not from the ability to predict the future but from understanding the timeless principles that govern the markets and human behavior. Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett's investing partner, who passed away on November 28, left a legacy rich with insights encapsulated in his many thought-provoking quotes. Here is a curated collection of Munger's quotes, offering a glimpse into the mind of one of the greatest investors of our time.
Munger’s Best Quotes
On Investment and Opportunity
"The big money is not in the buying and the selling, but in the waiting."
"An idiot, or a computer, can diversify a portfolio. But the whole trick of the game is to have a few times when you know something is better than average, and invest only where you have that extra knowledge."
"Quickly identify mistakes and take action."
On Knowledge and Lifelong Learning
"People calculate too much and think too little."
"Those who keep learning will keep rising in life."
"If you keep learning all the time, you have a huge advantage."
"Acknowledging what you don’t know is the dawning of wisdom."
On Personal Growth and Independence
"Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted independence. I desperately wanted it."
"If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience."
On Life's Philosophy and Conduct
"Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand — you must learn to handle mistakes and new facts that change the odds."
"Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?"
On Business and Decision Making
"Invest in a business any fool can run, because someday a fool will. If it won’t stand a little mismanagement, it’s not much of a business."
"You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas."
On Success and Hard Work
"Our game is to recognize a big idea when it comes along when one doesn’t come along very often. Opportunity comes to the prepared mind."
"You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time."
On Temperament and Character
"A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains."
"It's not supposed to be easy. Anyone who finds it easy is stupid."
On The Rewards of Hard Work
"We have three baskets for investing: yes, no, and too tough to understand."
"There’s only one way to the top: hard work."
On History and Experience
"There is no better teacher than history in determining the future… There are answers worth billions of dollars in a history book."
"The best armor of old age is a well spent life preceding it."
Munger's quotes guide us through the complexities of investing and life with the clear message that success is a product of patience, learning, and the courage to think independently. His thoughts are a beacon for those seeking to understand the world and navigate its challenges with intelligence, integrity, and a healthy dose of skepticism.
