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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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
Really
Life
Assume
Assuming
Handle
Answer
Tough
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More quotes by 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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You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, Won't anyone stand up and say anything nice for the deceased? and finally someone said, Well, his brother was worse.
Charlie Munger
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
Charlie Munger
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The reason we avoid the word 'synergy' is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises.Berkshire is full of synergies - we don't avoid synergies, just claims of synergies.
Charlie Munger
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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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Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.
Charlie Munger
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
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One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.
Charlie Munger
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If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.
Charlie Munger
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Capitalism is a pretty brutal place.
Charlie Munger
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If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
Charlie Munger
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I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.
Charlie Munger
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Just keep your head down and do your best.
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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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself 2) Don’t work for anyone you don’t respect and admire and 3) Work only with people you enjoy.
Charlie Munger
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
Charlie Munger
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Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to do this. If it's a sin, then I hope all of Berkshire Hathaway's subsidiaries are sinners. Someone whose salary is paid by U.S.taxpayers is happy to dramatically weaken the one place where we're winning big?!
Charlie Munger
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Beta and modern portfolio theory and the like - none of it makes any sense to me.
Charlie Munger
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Hard work, honesty, if you keep at it, will get you almost anything.
Charlie Munger