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Top 15 Quotes of Charlie Munger
Renowned Investor Charlie Munger is the Vice-Chairman of Berkshire Hathaway, where Warren Buffett is chairman. Charlie and Warren know each other from their childhood and still work together in their 90s. Like Warren, Charlie is an eminent Investor, Philanthropist, and Businessman.
Born: On January 1, 1924 (Age 96) in Nebraska, US
Net Worth: $1.7 Billion
Studied: Mathematics, Meteorology, Law
Charlie Munger has written about his life and ‘worldly wisdom’ in his book ‘Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger’s worldly wisdom’. Charlie, apart from his excellent track record in investing, has always been known for his witty comments, especially on companies, the stock market, investing.
Here are such top 15 Quotes of Charlie Munger:
– Top 15 Quotes by Warren Buffett
– Top 15 Quotes by Peter Lynch
– Retirement Planning for India’s Middle Class
“The big money is not in the buying or selling, but in the waiting.”
“I think that every time you see the word EBITDA, you should substitute the words ‘bullshit earnings’.”
“To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.”
“Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari’s; I wanted the independence.
I desperately wanted it.”“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day, if you live long enough like most people, you will get out of life what you deserve.”
“It takes character to sit with all that cash and to do nothing.
I didn’t get to where I am by going after mediocre opportunities.”
“The desire to get rich fast is pretty dangerous.”
“In my whole life, I have known no wise people who didn’t read all the time – none, zero.
You’d be amazed how much Warren reads and at how much I read. My children laugh at me.
They think I am a book with a couple of legs sticking out.”“Being rational is a moral imperative. You should never be stupider than you need to be.”
“Everywhere there is a large commission, there is a high probability of a rip-off.”
“We all are learning, modifying, or destroying ideas all the time.
Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire.
You must force yourself to consider arguments on the other side.”“You’re looking for a mispriced gamble. That’s what investing is.
And you have to know enough to know whether the gamble is mispriced. That’s value investing.”
“I’ve never been able to predict accurately. I don’t make money predicting accurately.
We just tend to get into good businesses and stay there.”“If you’re unreliable it doesn’t matter what your virtues are.”
“Mimicking the herd invites regression to the mean.”
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