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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

Charlie Munger

Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGER

Confirmation Experience Financial Preparation Result
It’s not greed that drives the world, but envy.
CHARLIE MUNGER

Drive Greedy Jealous World
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER

Company Scream Value Yourself
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
CHARLIE MUNGER

Accountability Information Life Master Planning Reality
The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGER

Attraction Nature Reward Rule Yourself
If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
CHARLIE MUNGER

Alone Curiosity Learning Need Pass People Time
Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER

Fast Rich Tragedy Yourself
All I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGER

Death Funny Myself Place
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
CHARLIE MUNGER

Money Myself Situation Worst
A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER

Financial Institution Money Respect
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER

Myself Substitution Thinking Time
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER

Confidence Myself People Question Reality Try
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
CHARLIE MUNGER

Hard Work Investment People Wait Yourself
In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER

Known Life Myself People Reading Time Wisdom
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
CHARLIE MUNGER

Business Goodness Mathematics Science Understand Yourself

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

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