Charlie Munger is a legendary investor and vice chairman of Berkshire Hathaway. He is known for his wit, wisdom, and contrarian investment philosophy. Munger is a master of his model of the mental, a framework we use to understand the world and make decisions about it. He also strongly believes in the importance of psychology and history in investing.
On Investing and Money
- "The big money is not in the buying or selling, but in the waiting."
- "The only value of money is in the freedom it gives you."
- "Price is what you pay. Value is what you get."
- "Invest in a business any fool can run, because someday a fool will."
- "Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat."
On Life and Learning
- "Life is really simple, but we insist on making it complicated."
- "Spend each day trying to be a little wiser than you were when you woke up."
- "The more you learn, the more you earn."
- "The whole secret of a successful life is to find out what is one's destiny to do, and then do it."
- "The difference between a wise man and an idiot is that a wise man doesn't think he is one."
On Humility and Ego
- "It's not necessary to have great talent or genius. Rather, education and thinking ability will carry you a long way."
- "The human mind has a shut-off device—we don't think about what we think about."
- "The more you learn, the more you realize how much you don't know."
- "The bigger the ego, the more difficult it is to see the truth."
- "We are what we repeatedly do. Excellence, then, is not an act, but a habit."
