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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.

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
Experience
Held
Confirm
Thing
Notion
Dramatically
Long
Financial
Tends
Lifetime
Scale
Prepared
Logical
Results
Scales
Simple
Occasions
Often
Improve
Promptly

More quotes by Charlie Munger

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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
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Financial institutions make us nervous when they're trying to do well.
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
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Wall Street has too much wealth and political power.
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The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
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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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Just keep your head down and do your best.
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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.
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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.
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It's not supposed to be easy. Anyone who finds it easy is stupid.
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We don't like trading agony for money
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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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You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.
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Spend each day trying to be a little wiser than you were when you woke up.
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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A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.
Charlie Munger
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Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
Charlie Munger
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If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.
Charlie Munger
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It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.
Charlie Munger