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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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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
Without
Handle
Many
Mistakes
Way
Failure
Adequate
Life
Mistake
Trick
People
Common
Denial
Fact
Tricks
Facts
Psychological
Live
Broke

More quotes by Charlie Munger

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Understanding how to be a good investor makes you a better business manager and vice versa.
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People always underestimate the ability of earth to increase its carrying capacity.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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.
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A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
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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.
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The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].
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I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
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In fact I've probably never seen such a wide moat.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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Well in the history of the See's Candy Company they always say, I never did it before, and I'm never going to do it again. And we cashier them. It would be evil not to, because terrible behavior spreads.
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
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After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
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It's not a competency if you don't know the edge of it.
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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.
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Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.
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Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
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I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
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One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.
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Intense interest in any subject is indispensable if you're really going to excel in it.
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