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Charlie Munger’s Education

To this day, I have never taken a course anywhere, in chemistry, economics, psychology, or business.

Related Topics: business, chemistry, course, economics, psychology

Early Charlie Munger

Early Charlie Munger is a horrible career model for the young because not enough was delivered to civilization in return...

Related Topics: capitalism, career, Charlie Munger, civilization, delivered, early, horrible, model, models, return, similar, worse, wrested, young

Charlie and Warren

I’ve been associated with Warren so long, I thought I’d be just a footnote.

Related Topics: associated, footnote, Warren Buffett

What Charlie Likes

I always like it when someone attractive to me agrees with me.

Related Topics: agrees, agrees with me, always, attractive, like, someone

A swan following another on a lake with Charlie Munger quote There are always people who will be better at something than you are. You have to learn to be a follower before you become a leader.

Dealing with the Idea That Some People Are Better at Something

“There are always people who will be better at something than you are. You have to learn to be a...

Related Topics: better, follower, leader, learn

2

Two men in silhouette running with sun behind them and Charlie Munger guote, Suck it in and copy, buddy. Suck it in and cope.

How to Keep the Moochers in Your Life Away

“There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used...

Related Topics: cope, danger, harder, life, money, people, shoveling, suck it in

1

Director’s Definition

A director who gets $150,000 per year from a company and needs the money is not independent.

Related Topics: company, director, independent, money, needs

3

Mimicking the Herd

Mimicking the herd invites regression to the mean.

Related Topics: herd, invites, mean, mimicking, regression, regression to the mean

Investing

3

Book with superimposed quote by Charlie Munger: "It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles."

Easily Learned Principles

It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently...

Related Topics: amaze, ceases, consistently, easily learned, grasped, masters, obvious, principles, territory, uses

4

Charlie Munger quote Investors can have ninety percent of their wealth in a single company if it is the right company

Eggs in One Basket

Investors can have 90% of their wealth in a single company, if it is the right company.

Related Topics: company, investors, ninety, right, single, wealth

Investing

3

Reading and Thinking

We both, Warren Buffett and I, insist on a lot of time being available almost every day to just sit...

Related Topics: available, every day, insist, read, sit, think, time, Warren Buffet

5

Extreme Objectivity

The life of Darwin demonstrates how a turtle may outrun a hare, aided by extreme objectivity.

Related Topics: Darwin, demonstrates, extreme, hare, life, objective, objectivity, only, outrun, person, player, turtle

Business

4

IQ Humility

If you think your IQ is 160 but it’s 150, you’re a disaster. It’s much better to have a 130...

Related Topics: better, disaster, IQ, think

2

Deserved Trust

The highest form that civilization can reach is a seamless web of deserved trust — not much procedure, just totally...

Related Topics: civilization, deserved, form, highest, people, procedure, reach, reliable, seamless, totally, trust, trusting, web

2

Good Ideas Are Hard to Find

Our cash is speaking for itself. If we had a lot of wonderful ideas, we wouldn’t have so much cash.

Related Topics: cash, ideas, speaking, wonderful

Investing

3

Good vs. Bad Investment Ideas

Benjamin Graham used to say, “It’s not the bad investment ideas that fail; it’s the good ideas that get pushed...

Related Topics: bad, Benjamin Graham, excess, fail, good, ideas, investment, pushed

Investing

2

Self-serving Bias

Another thing that does one in, of course, is the self-serving bias to which we’re all subject.

Related Topics: bias, self-serving, self-serving bias, subject, thing

2

Margin of Safety

In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about...

Related Topics: accounting, balloon, big, don't give a damn, engineering, false, financial, give a damn, margin, people, safety, world

Investing

2

Learn Vicariously

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Related Topics: better, experience, hard, learn, lessons, through, vicariously

3

Costco vs. Rockefeller Foundation

I believe Costco does more for civilization than the Rockefeller Foundation. I think it’s a better place.

Related Topics: believe, better, bunch, civilization, Costco, good, immediately, intelligent, more, people, place, Rockefeller Foundation, seat, sitting, squirm, suspicious, think, trying

Business

2

Dealing with Temporary Unpopularity

If your new behavior gives you a little temporary unpopularity with your peer group, then to hell with them.

Related Topics: behavior, hell, little, peer group, temporary, unpopularity

2

Competition in Investing

The investment game is getting more and more competitive.

Related Topics: competitive, game, investment, investment game, more

Investing

2

What’s Your Problem?

Let me know what your problem is, and I will try to make it more difficult for you.

Related Topics: difficult, know, problem, try

Being a Good Investor

Understanding how to be a good investor makes you a better business manager and vice versa.

Related Topics: better, business, good, how, investor, manager, understanding, vice versa

Investing

1

Charlie Munger quote The idea of a margin of safety, a Graham precept, will never be obsolete

Make the Market Your Servant

The idea of a margin of safety, a Graham precept, will never be obsolete. The idea of making the market...

Related Topics: Benjamin Graham, idea, margin, margin of safety, market, never, obsolete, precept, safety, servant

Investing

2

Having a Passionate Interest

You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods,...

Related Topics: ability, focus, gradually, happening, improves, interest, long periods, need, passionate, reality, things, why

Focus

3

Charlie Munger quote I think track records are very important. If you start early trying to have a perfect one

Success in this World

I think track records are very important. If you start early trying to have a perfect one in some simple...

Related Topics: honesty, important, like, perfect, records, simple, start, success, thing, think, track, track records, trying, world

1

Modern Portfolio Theory

Beta and modern portfolio theory and the like — none of it makes any sense to me.

Related Topics: any, beta, like, makes, modern, non, portfolio, sense, theory

Investing

1

No Big Advantages

We don’t have big advantages — no special competence — so we spend almost no time on it.

Related Topics: advantages, big, competence, special, time

2

Envy Drives the World

I’ve heard Warren say a half a dozen times, “It’s not greed that drives the world, but envy.”

Related Topics: blank, book, courses, dozen, drives, envy, greed, half, psychology, survey, times, Warren Buffett, world

Motivation

Buying Lots of Things

We tend to buy things — a lot of things — where we don’t know exactly what will happen, but...

Related Topics: buy, decent, exactly, happen, outcome, tend, things

Investing

1

Discounted Cash Flows

Warren talks about these discounted cash flows. I’ve never seen him do one.

Related Topics: cash, discounted, discounted cash flows, talks, Warren Buffett

Investing

1

Charlie Munger quote Why should it be easy to do something that, if done well, two or three times

Difficulty in Investing

Why should it be easy to do something that, if done well, two or three times, will make your family...

Related Topics: easy, family, life, rich, something, three, times, two, wealthy, why

Investing

3

Surviving Bad Management

Good businesses can survive a little bad management.

Related Topics: bad, businesses, good, little, management, survive

Business

Numerical Fluency

Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an...

Related Topics: ass-kicking contest, fluency, inhabit, life, like, numerical, one-legged man

2

Good vs. Bad Ideas

It’s not the bad ideas that do you in, but the good ones.

Related Topics: bad ideas, good, ideas

1

Charlie Munger quote When a better tool or idea or approach comes along, what could be better than to swap it

Swapping Old Tools for New

When a better tool or idea or approach comes along, what could be better than to swap it for your...

Related Topics: approach, better, idea, old, swap, tool, useful

Process

1

Cranky Businesses

A lot of the businesses we buy at Berkshire Hathaway are kind of cranky and old-fashioned like us.

Related Topics: Berkshire Hathaway, businesses, buy, cranky, old-fashioned

Investing

1

How to Succeed in Investing

You need patience, discipline, and an ability to take losses and adversity without going crazy.

Related Topics: ability, adversity, crazy, discipline, going crazy, losses, need, patience, take losses

1

Turnover at Berkshire Hathaway

Berkshire has the lowest turnover of any major company in the U.S.

Related Topics: Berkshire Hathaway, company, lowest, major, turnover, U.S.

Business

1

Success in Life

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad...

Related Topics: avoid, bad, business, death, early, knowing, life, marriage, success, want

Success

2

Take the High Road

Always take the high road, it’s far less crowded.

Related Topics: crowded, high, high road, less, road

Integrity

1

Very-high-IQ People

Very-high-IQ people can be completely useless. And many of them are.

Related Topics: completely, high-IQ, IQ, people, useless

Business

1

Closet Indexing

[With] closet indexing you’re paying a manager a fortune and he has 85% of his assets invested parallel to the...

Related Topics: assets, closet, fortune, indexing, invested, manager, parallel, paying, played, sucker, system

Investing

1

The Downside of Litigation

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

Related Topics: costly, inefficient, litigation, notoriously, time-consuming, unpredictable

1

Using Checklists

I’m a great believer in solving hard problems by using a checklist. You need to get all the likely and...

Related Topics: believer, checklist, great, hard, important, likely, miss, otherwise, problems, solving, something, unlikely answers

2

Charlie Munger quote Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest

The Queen of Soft Sciences

Economics is in many respects the queen of the soft sciences. It’s expected to be better than the rest. It’s...

Related Topics: better, economics, expected, multi-disciplinary, queen, respects, rest, sciences, soft, stuff, view

Investing

1

Charlie Munger quote: Most people are too fretful, they worry to much

Be Aggressive When It’s Time

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.

Related Topics: aggressive, fretful, means, patient, people, success, time, worry

Investing

2

Relying on Special Talents

I think we have some special talents. That being said, I think it’s dangerous to rely on special talents —...

Related Topics: better, businesses, dangerous, lots, monopolistic, own, prices, rely, special, talents, think, unregulated

Business

1

Have Passion for Something

You’ll do better if you have passion for something in which you have aptitude. If Warren Buffett had gone into...

Related Topics: aptitude, ballet, better, heard, passion, something, Warren Buffett

1