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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.

Charlie Munger

A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
CHARLIE MUNGER

Enough Explanation Goodness Smart Talk Yourself
It’s not greed that drives the world, but envy.
CHARLIE MUNGER

Drive Greedy Jealous World
We don’t like trading agony for money
CHARLIE MUNGER

Agony Money Trade
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
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
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 a good habit to trumpet your failures and be quiet about your successes.
CHARLIE MUNGER

Failure Goodness Habit Quiet Success Yourself
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
CHARLIE MUNGER

Easy Family Life Rich Time Yourself
It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
CHARLIE MUNGER

Average Cash Character Money Myself Opportunity
Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
CHARLIE MUNGER

Head Marketing People Rise Start Thinking World Yourself
A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER

Financial Institution Money Respect
I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
CHARLIE MUNGER

Learning Mistake People Stupidity Trick Wonderful
A great business at a fair price is superior to a fair business at a great price.
CHARLIE MUNGER

Business Choice Greatness Price
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER

Company Scream Value Yourself

In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.

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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.

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