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I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Charlie Munger
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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
Ever
Figured
Trying
Investing
Believe
Discipline
People
Smart
Sitting
Nobody
Dream
Best
Mastering
More quotes by Charlie Munger
If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.
Charlie Munger
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.
Charlie Munger
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.
Charlie Munger
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
Charlie Munger
The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
Charlie Munger
Investing is where you find a few great companies and then sit on your ass.
Charlie Munger
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie Munger
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt Munger's Rule. However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.
Charlie Munger
The old culture had come out of poverty, out of English customs.
Charlie Munger
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie Munger
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.
Charlie Munger
It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
Charlie Munger
It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.
Charlie Munger
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
Charlie Munger
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
Charlie Munger
Go to bed smarter than when you woke up.
Charlie Munger
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie Munger
Understanding how to be a good investor makes you a better business manager and vice versa.
Charlie Munger
We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan Wesco] just before a calamity. Both were bought at a discount to liquidation value.
Charlie Munger
