In this piece, we will take a look at the ten best quotes from Charlie Munger. If you want to learn all about the legendary investor and business person, and how his life saw him placed in the center of some of the most tumultuous events in the finance industry, then read 25 Best Quotes From Charlie Munger.
10. “Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.”
The philosophy of Warren Buffett revolves around compounded returns. The returns from learning can also be compounded if one is a lifelong learner.
9. “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.”
Joseph Schumpeter’s law of creative destruction necessitates the replacement of the old with the new. This destruction can also help one break free from the shackles of old ideas.
8. “It takes character to sit with all that cash and to do nothing. I didn’t get top where I am by going after mediocre opportunities.
Sometimes, patience is the best investment decision.
7. “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group…then to hell with them.”
Going against the herd is as important – sometimes even more – as learning from the wisdom of others.
6. “There is no better teacher than history in determining the future… There are answers worth billions of dollars in 30$ history book.”
Those who fail to learn from history are doomed to repeat it.
5. “How to find a good spouse? -the best single way is to deserve a good spouse.”
Only good people can help other good people grow and prosper.
4. “We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.”
Clear headed thinking isn’t as easy as it sounds. According to Daniel Kahneman, most people wander through life unaware of the biases that shape their decisions.
3. “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.”
Nobody has ever made a billion dollars without sacrificing time, effort, and money. But are they all that is needed?
2. “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.”
Compounded returns are eternal – whether it’s in the financial or the personal realm.
1. In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads–and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
The ability to grow through learning has been emphasized by some of the most successful people in human history such as Bill Gates and Elon Musk.
Disclosure: None. You can also take a look at 11 Cheapest Stocks With Biggest Upside and Warren Buffett Sees Big Gains in These Small-Cap Stocks.
