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I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.

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
Women
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Chutzpah
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Belts
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More quotes by Charlie Munger

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Charlie Munger
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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
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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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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.
Charlie Munger
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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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Knowing what you don't know is more useful than being brilliant.
Charlie Munger
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A board member should be perfectly willing to leave at any time and willing to make the tough calls.
Charlie Munger
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Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.
Charlie Munger
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Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.
Charlie Munger
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I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.
Charlie Munger
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The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
Charlie Munger
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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.
Charlie Munger
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We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.
Charlie Munger
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Warren spends 70 hours a week thinking about investing .
Charlie Munger
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The game of life is the game of everlasting learning. At least it is if you want to win.
Charlie Munger
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In fact I've probably never seen such a wide moat.
Charlie Munger
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself 2) Don’t work for anyone you don’t respect and admire and 3) Work only with people you enjoy.
Charlie Munger
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If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar] don't have these types of substitutes.
Charlie Munger
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
Charlie Munger