Charles Thomas Munger is known for being a businessman, philanthropist and investor from the United States who has gained a firm foothold in various businesses, such as the presidency of Daily Journal Corporation, the vice presidency of Berkshire Hathaway and as a director at Costco Wholesale. Corporation.
Due to his importance in the world of finance, this businessman is a reference for many people. If you are interested in knowing his philosophy of life, keep reading; here you will find a selection of Charlie Munger’s best quotes
To learn more about the life and secrets behind the success of this businessman, we bring you a compilation of phrases and reflections by Charlie Munger.
1. The desire to get rich quickly is quite dangerous.
It leads us to commit reckless and impulsive acts that end up costing more.
2. People try to be smart. The only thing I’m trying to do is not be an idiot, but it’s harder than many people think.
We all run the risk of making irreversible mistakes.
3. I certainly did not invest in cryptocurrencies. I’m proud of the fact that I’ve avoided it. It’s like a venereal disease or something. I simply consider it negligible.
Being reluctant to invest in cryptocurrencies.
4. I have a fishing friend who says: ‘I have a simple rule for success in fishing. Fishing where the fish are’. You’ll want to fish where the bargains are. As simple as that.
A valuable lesson that applies to your investments.
5. It takes character to sit with all that money and do nothing. I didn’t get to where I am by chasing mediocre opportunities.
There’s no point in having it all if you’re going to waste what you’ve achieved later.
6. Always take the high road, it is less traveled by people.
A metaphor about how sometimes it is better to take risks than to stay in your comfort zone.
7. Remember that reputation and integrity are your most valuable assets, and they can be lost in a heartbeat.
It is your actions that speak for you, not what you own.
8. As long as I have a book in my hand, I don’t feel like I’m wasting my time.
Showing the importance of reading all the time.
9. If people didn’t make mistakes so often, we wouldn’t be so rich.
You have to know how to take advantage of the lessons in your mistakes.
10. I didn’t pay attention to the territorial boundaries of academic disciplines and simply grabbed all the great ideas I could.
A recommendation not to stay with what we learn in institutions, but rather to look outside.
11. Avoid working directly under someone you don’t admire and don’t want to be like.
A good work environment is necessary to be able to evolve.
12. There is only one way to the top: Hard work.
You can never get to the top without overcoming the obstacles in front of you.
As Munger already mentions many times, investing in simple businesses.
14. If you are lazy and unreliable it doesn’t matter if you are good.
Not only do you have to have instinct, you have to be disciplined to get where you want.
15. Most newspapers are going to disappear. It’s just a matter of time.
Talking about the future that awaits newspapers, which in fact we can see today.
16. It is not good to face the world in a delusional way.
You always have to have a goal in mind to pursue it.
17. Wall Street has too much wealth and political power.
A criticism of the unfair dominance that Wall Street has.
18. There is more honor in investment management than in investment banking.
The space where you prefer to be.
19. To get what you want, you have to deserve what you want.
You cannot expect to achieve things for which you are not suitable.
20. All I want to know is where I’m going to die so I never go there.
Fleeing from its end.
21. If you keep learning all the time, you have a big advantage.
By constantly learning, we can stay ahead of others.
22. The big money is not in buying and selling, but in waiting.
The only way to win in investments is to know how to wait.
23. Those who continue learning will continue to grow in life.
It will never happen any other way.
24. I don’t have a single achievement that I am so proud of.
Maintaining moderate excitement in your achievements.
25. In my entire life, I have not met wise people (in a broad subject area) who did not read all the time: none, zero.
Reading is what allows us to acquire new knowledge.
26. You must force yourself to consider opposing arguments. Especially when they challenge your most cherished ideas.
Even if you think your values are correct, it never hurts to listen to other people’s points of view.
27. Without the learning method, you are like a one-legged man in a butt-kicking contest. It’s just not going to work very well.
You won’t get very far if you don’t learn what you need to know in any field.
28. It is better to buy a wonderful company at a fair price than a fair company at a wonderful price.
A valuable investment strategy.
29. Perhaps I have a streak of generosity in my nature and a desire to serve values that transcend my brief life. But maybe I’m just here to show off. Who knows?
An example of how he takes what they think of him, not very seriously.
30. If I had to do it all over again, I think it would be much more difficult.
Nobody assures us that if we went back, our lives would be much better.
31. Life and its various passages can be hard, brutally hard. The three things I have found helpful in dealing with your challenges are: Have low expectations. Have a sense of humor. Surround yourself with the love of friends and family.
When we are surrounded by positive things and people, we face life with greater enthusiasm.
31. I did not succeed in life because of intelligence. I was successful because I have a long attention span.
Their arrival to success is no coincidence, it is a path of lessons learned.
32. Intense interest in any subject is essential if you are going to truly excel in it.
You can’t master something you’re not passionate about.
33. You need to have a passionate interest in why things happen. That mindset, maintained over long periods, gradually improves your ability to focus on reality.
Reality is not in a single thing, but in everything that surrounds us.
34. Most mistakes in life are caused by forgetting what one is really trying to do.
When we deviate from what we want, we build our slide towards failure.
35. People underestimate the importance of a few simple good ideas. The lesson is that a few good, simple ideas really work.
Many think that simple ideas are an early failure, when they could be the best bet.
36. Large consumer brands are still very valuable, but they had an easier time in an earlier era than they will have in the future.
About the future that awaits large companies if they do not change.
37. There is no single formula. You need to know a lot about business and human nature and numbers…
Everyone has their own way of growing in the business world.
38. Knowing what you don’t know is more useful than being brilliant.
Recognizing what we lack guides us to seek growth.
39. Live within your income and save so you can invest. Learn what you need to learn.
The ideal way of life for all those who want to invest.
40. If you want to end up wise, it is very likely that a strong ideology will prevent that result.
No one with a closed mind can reach a state of wisdom.
41. Don’t harbor too much envy or resentment, don’t spend too much of your income, stay cheerful despite your problems, deal with trustworthy people and do what you’re supposed to do. All these simple rules work very well to improve your life.
Little tips that make life easier and more bearable.
42. I am passionate about wisdom. I am passionate about precision and some types of curiosity.
And it is that passion that keeps him active.
43. I could force myself to be pretty good at many things, but I couldn’t excel at anything I didn’t have an intense interest in.
It is more possible to achieve success by doing something we love, rather than going for something we don’t relate to.
44. Above all, live with change and adapt to it.
Changes offer us a new opportunity that we should not waste to experience.
45. Someone will always get richer faster than you, this is not a tragedy.
Wherever you are, there will be someone more successful, from whom we can learn a lot instead of envy.
46. I am all for Artificial Intelligence as there is such a shortage of the real thing.
Your thoughts on artificial intelligence.
47. The secret of happiness? Lower expectations.
Many of our disappointments are unrealistic expectations that we can never fulfill.
48. I constantly see people emerge in life who are not the most intelligent, sometimes not even the most diligent, but they are learning machines.
You don’t need to be a scholar to go far, you just have to have perseverance and preparation.
49. This habit of spending much more time learning and thinking than doing is no accident.
Sometimes we need to take enough time to acquire the necessary knowledge about something, rather than venture into immediate action.
50. My children laugh at me. They think I’m a book with a pair of legs sticking out.
There is never too much knowledge to know.
51. I set out to have more common sense than most, and I’m glad I did as well as I did.
A firm decision can change the course of our lives.
52. People calculate too much and think too little.
Referring to the little analysis we do about our actions.
53. You don’t have to be brilliant, just a little wiser than everyone else, on average, for a long, long time.
Learning is worth more than having a ‘natural talent’.
54. Those who continue to learn will continue to grow in life.
Learning is what leads us to improve.
55. That world is not yet a crazy enough place to reward a lot of people.
You simply cannot become successful if you don’t work for it.
56. I am proud to be associated with the value system at Berkshire Hathaway, I believe you will make more money in the end with good ethics than bad ones.
Showing comfort with your company’s values.
57. In a competitive world it is very difficult to obtain great advantages just by purchasing securities.
You have to remember that the business world can be very greedy and unfair.
58. Keep it simple.
The advice that is repeated the most when investing.
59. It is crazy for an expert to have broad diversification.
It is better to concentrate on a few things that you can do well, than to take on too much and leave it at nothing.
60. Do what you like but where you are also good.
A reminder that our dreams must also be realistic.
61. Like Warren, I had considerable passion to get rich, not because I wanted Ferraris, I wanted independence. He wanted her desperately.
Everyone has their own reasons for success.
62. Remember that reputation and integrity are your most valuable assets and can be lost in an instant.
It’s no use having everything if you’re a hateful person.
63. You must value the business in order to value the stock.
Shares are the most valuable in companies.
64. I believe in the discipline of mastering the best that other people have discovered. I don’t believe in sitting down and trying to dream it all up yourself. Nobody is that smart.
Use the previous teachings of those who came before you, to seek to make your dream come true.
65. Take a simple idea and take it seriously.
Simple ideas are the ones that develop best.
66. The best thing a human being can do is help another human being to know more.
Knowledge should be shared, not sequestered for just one.
67. Understanding both the power of compound interest and the difficulty of achieving it is the heart and soul of understanding many things.
Nothing is easy, but if it is possible to achieve it in the future and it has good results, then fight for it.
68. If the fishing is really bad where you are, you should probably find another place to fish.
Wise advice for any aspect of life.
69. We already have a digital currency, it is called a bank account.
Sticking to the traditional way of money, instead of cryptocurrencies.
70. Invest while sitting. You will pay the brokers less, you will hear less nonsense and, if it works, the tax system gives you one, two or three percentage points a year.
In the world of investments, perseverance and patience are worth more than looking for all the financial ‘gurus’.
I’m Emily Williams Jones, a psychologist specializing in mental health with a focus on cognitive-behavioral therapy (CBT) and mindfulness. With a Ph.D. in psychology, my career has spanned research, clinical practice and private counseling. I’m dedicated to helping individuals overcome anxiety, depression and trauma by offering a personalized, evidence-based approach that combines the latest research with compassionate care.
