Top Charlie Munger Quotes - Quotesmemo.com

Charlie Munger Biography

Charles Thomas Munger (born January 1, 1924) is an American investor, businessman and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.

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Charlie Munger Quotes

The harder you work, the more confidence you get. But you may be working hard on something that is false.

Confidence, False, Harder, Insightful, May, Simplicity

Go to bed smarter than when you woke up.

Bed, Investing, Smarter, Woke

We want very good leaders who have a lot of power.

Good, Good Leader, Leader, Leaders, Power, Want

On constant learning: If you're going to live a long time, you have to keep learning. What you formerly knew is never enough. So if you don't learn to constantly revise your earlier conclusions and get better ones ... you're like a one-legged man in an ass-kicking contest.

Constant, Keep, Learning, Live, Long, Time

If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That's simple psychological denial. The reality is too painful to bear, so you just distort it until it's bearable. We all do that to some extent, and it's a common psychological misjudgment that causes terrible problems.

Causes, Man, Men, Misjudgment, Mother, Son

You'll better understand the evil when top audit firms started selling fraudulent tax shelters when I tell you that one told me that they're better [than the others] because they only sold [the schemes] to their top-20 clients, so no-one would notice.

Clients, Evil, Schemes, Shelter, Sold

Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.

Bias, Human, People, Self, Successfully, Wise

One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely

Dampen, Expectations, Mature, Person, Would Be

Just keep your head down and do your best.

Down, Down And, Head, Keep, Maximum Effort

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

Analysis, Biologically, Evolution, Investors, Practice, Thinking

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

Agreeable, Chance, History, Long, Slim

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

Person, Persons, Thinking, Victimization, Whenever

Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.

Long, Personal, Rejection, Satisfaction, View, Views

Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.

Becomes, Concentrated, Envy, Orthodoxy, Venture, Yale

The idea of caring is that someone is making money faster [than you are] is one of the deadly sins. 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?

Envy, Fun, Money, Pain, Stupid, Trolley

A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, "Oh yes it is, because I'd publish the list of people under consideration. "

Easier, Execute, List, People, President, Years

Your life must focus on the maximization of objectivity.

Focus, Insightful, Life, Maximization, Objectivity

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

Firsts, Foolish, Loss, Refusing, Second Chance

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

Brilliant, Know, Knowing, Knows

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

Attention, Long, Span, Succeed, Succeeded

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