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The big money is not in the buying and selling ... but in the waiting.

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
Buying
Selling
Waiting
Bigs
Money

More quotes by Charlie Munger

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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
Charlie Munger
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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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There's more honor in investment management than in investment banking.
Charlie Munger
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
Charlie Munger
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It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
Charlie Munger
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And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
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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A director who gets $150,000 per year from a company and needs the money is not independent.
Charlie Munger
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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
Charlie Munger
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The best thing a human being can do is to help another human being know more.
Charlie Munger
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We don't like trading agony for money
Charlie Munger
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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.
Charlie Munger
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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.
Charlie Munger
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We have a high moral responsibility to be rational
Charlie Munger
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Ben Franklin and Samuel Johnson, he credits their wisdom for his success. They were both utterly brilliant men. And powerful communicators. Both have helped me all the way through life. Their lessons are easy to assimilate.
Charlie Munger
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Acknowledging what you don't know is the dawning of wisdom.
Charlie Munger
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
Charlie Munger
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We have the same problem as everyone else: It's very hard to predict the future.
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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Great investing requires a lot of delayed gratification.
Charlie Munger