Quote

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.

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
Things
Head
Checklist
Never
Company
Checklists
Life
Easy
Derive
Three
Companies
Need
Mental
Different
Models
Needs
Rest
Make
Saying

More quotes by Charlie Munger

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We have a passion for keeping things simple.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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The liabilities are always 100 percent good. It's the assets you have to worry about.
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We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
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We have the same problem as everyone else: It's very hard to predict the future.
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To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
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Great investing requires a lot of delayed gratification.
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Knowing what you don't know is more useful than being brilliant.
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You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.
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The tax code gives you an enormous advantage if you can find some things you can just sit with.
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We have a history when things are really horrible of wading in when no one else will.
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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.
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Intense interest in any subject is indispensable if you're really going to excel in it.
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It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.
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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.
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Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, Now it has to work. If I put in just a little more, then it will work.
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Hard work, honesty, if you keep at it, will get you almost anything.
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We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.
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Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.
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Your life must focus on the maximization of objectivity.
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