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Acknowledging what you don’t know is the dawning of wisdom.

Charlie Munger

I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER

Attention Intelligence Life Myself Success Time
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
CHARLIE MUNGER

Avoid Bad Business Death Early Marriage Success
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.
CHARLIE MUNGER

Enough Gamble Investment Price Value
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
CHARLIE MUNGER

Beginning Save Time Yourself
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
The best thing a human being can do is to help another human being know more.
CHARLIE MUNGER

Best Compassionate Empathy Help Human Kindness Learning
The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
CHARLIE MUNGER

Hope Life Simplicity Time Win Work Yourself
If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
CHARLIE MUNGER

Basic Habit Mental Reading Structure Wisdom
This is a good life lesson: getting the right people into your system is the most important thing you can do.
CHARLIE MUNGER

Goodness Important Lesson Life People Right System Yourself
It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGER

Experience Life Reading Thinking 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
I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
CHARLIE MUNGER

Biology Evolution Investment Money Practice Prediction Thinking
Show me the incentive and I will show you the outcome.
CHARLIE MUNGER

Investment Myself Result Yourself
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

Acknowledging what you don’t know is the dawning of wisdom.

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Acknowledging what you don’t know is the dawning of wisdom.

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