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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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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.
Charlie Munger
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We try more to profit from always remembering the obvious than from grasping the esoteric.
Charlie Munger
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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
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We're the tortoise that has outrun the hare because it chose the easy predictions.
Charlie Munger
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The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.
Charlie Munger
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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
Charlie Munger
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Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
Charlie Munger
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Warren 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.
Charlie Munger
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It's a rare business that doesn't have a way worse future than it has a past.
Charlie Munger
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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
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The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie Munger
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The investment game is getting more and more competitive.
Charlie Munger
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We have a history when things are really horrible of wading in when no one else will.
Charlie Munger
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A board member should be perfectly willing to leave at any time and willing to make the tough calls.
Charlie Munger
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See's candy company was the first high-quality business we ever bought.
Charlie Munger
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We don't claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won't do them. Currently, there's a culture in Americathat says that anything that won't send you to prison is OK.
Charlie Munger
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Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.
Charlie Munger
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You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' So you must have the models, and you must see the relatedness and the effects from the relatedness.
Charlie Munger
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I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.
Charlie Munger
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It's not the bad ideas that do you in, but the good ones.
Charlie Munger