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Forgetting your mistakes is a terrible error if you are trying to improve your cognition.

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
Errors
Mistakes
Terrible
Mistake
Cognition
Forget
Forgetting
Trying
Error
Improve
Improvement

More quotes by Charlie Munger

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I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
Charlie Munger
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It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
Charlie Munger
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Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
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As I continued through Cicero's pages, I found much more material celebrating my way of life.
Charlie Munger
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I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.
Charlie Munger
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Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
Charlie Munger
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How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
Charlie Munger
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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.
Charlie Munger
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Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
Charlie Munger
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
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It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.
Charlie Munger
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A lot of our respected financial institutions are just casinos in drag.
Charlie Munger
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The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you're going to be a great stock picker, you need some general education.
Charlie Munger
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie Munger
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We have a high moral responsibility to be rational
Charlie Munger
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I don't invest in what I don't understand. And I don't want to understand Facebook.
Charlie Munger
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Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
Charlie Munger
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I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
Charlie Munger
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
Charlie Munger
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Just keep your head down and do your best.
Charlie Munger