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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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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
Advantage
Discipline
Move
Moving
Odds
Understand
Favor
Favors
Investing
Basic
More quotes by Charlie Munger
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
Charlie Munger
Just keep your head down and do your best.
Charlie Munger
Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.
Charlie Munger
Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
Charlie Munger
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.
Charlie Munger
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
Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.
Charlie Munger
For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.
Charlie Munger
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but civilized people don't buy gold, they invest in productive businesses.
Charlie Munger
I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.
Charlie Munger
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
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences.
Charlie Munger
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
Charlie Munger
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.
Charlie Munger
The tax code gives you an enormous advantage if you can find some things you can just sit with.
Charlie Munger
If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
Charlie Munger
We don't like trading agony for money
Charlie Munger
If you can get good at destroying your own wrong ideas, that is a great gift.
Charlie Munger
What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
Charlie Munger
