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I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.

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
Like
Complete
Admitting
People
Mistakes
Horses
Horse
Trick
Stupid
Nose
Mistake
Noses
Wonderful
Ass
Learn
Perform
Better
Tricks
Asses

More quotes by 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.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
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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.
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You must value the business in order to value the stock.
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A great business at a fair price is superior to a fair business at a great price.
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The old culture had come out of poverty, out of English customs.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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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.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.
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Let me know what your problem is, and I will try to make it more difficult for you.
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If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
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I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.
Charlie Munger
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It's not the bad ideas that do you in, but the good ones.
Charlie Munger
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The liabilities are always 100 percent good. It's the assets you have to worry about.
Charlie Munger
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For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.
Charlie Munger
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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
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If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz. The good thing about business is that you don't have to know any higher math.
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It's a rare business that doesn't have a way worse future than it has a past.
Charlie Munger