If you’re unhappy with what you’ve had over the last 50 years, you have an unfortunate misappraisal of life. It’s as good as it gets, and it’s very likely to get worse. — Charlie Munger

Your life must focus on the maximization of objectivity. — Charlie Munger

Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating. — Charlie Munger

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

The best armour of old age is a well spent life preceding it. — Charles T. Munger

This is a good life lesson: getting the right people into your system is the most important thing you can do. — Charlie Munger

Without numerical fluency, in the part of life most of us inhibit, you are like a one–legged man in an ass–kicking contest. — Charlie Munger

We have found in a long life that one competitor is frequently enough to ruin a business. — Charlie Munger

You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here. — Charlie Munger

I did not succeed in life by intelligence. I succeeded because I have a long attention span. — Charlie Munger

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc. — Charlie Munger

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won. — Charlie Munger

I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it. — Charlie Munger

Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you’re going to be a great thinker. — Charlie Munger

Being short and seeing a promoter take the stock up is very irritating. It’s not worth it to have that much irritation in your life. — Charlie Munger

There’s no way that you can live an adequate life without making many mistakes. — Charlie Munger

As I continued through Cicero’s pages, I found much more material celebrating my way of life. — Charlie Munger

If all you succeed in doing in life is getting rich by buying little pieces of paper, it’s a failed life. Life is more than being shrewd in wealth accumulation. — Charlie Munger

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another. — Charlie Munger

It’s been my experience in life if you just keep thinking and reading, you don’t have to work. — Charlie Munger

In my life there are not that many questions I can’t properly deal with using my $40 adding machine and dog–eared compound interest table. — Charlie Munger

We have a history when things are really horrible of wading in when no one else will. — Charlie Munger

How to find a good spouse?–the best single way is to deserve a good spouse. — Charles T. Munger

F.a.s.b’ … ‘Financial Accounts Still Bogus’. — Charlie Munger

Those who keep learning will keep rising in life. — Charlie Munger

The name of the game is continuing to learn. Even if you’re very well trained and have some natural aptitude, you still need to keep learning. — Charlie Munger

The game of life is the game of everlasting learning. At least it is if you want to win. — Charlie Munger

The game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process. — Charlie Munger

If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind. — Charlie Munger

Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you. — Charlie Munger

If (investing) weren’t a little difficult, everybody would be rich. — Charlie Munger

We have three baskets for investing: yes, no, and too tough to understand. — Charlie Munger

Great investing requires a lot of delayed gratification. — Charlie Munger

Investing is where you find a few great companies and then sit on your ass. — Charlie Munger

Warren spends 70 hours a week thinking about investing . — Charlie Munger

If you have the opportunities of Berkshire, an investment in gold is dumb. — Charlie Munger

If the value of a company doesn’t just scream out at you, it’s too close. — Charlie Munger

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

The only intelligence investing is value investing…to acquire more than one is paying for. — Charlie Munger

I’m proud to be associated with the value system at Berkshire Hathaway; I think you’ll make more money in the end with good ethics than bad. — Charlie Munger

The basic concept of value to a private owner and being motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum–I don’t think that will ever be outdated. — Charlie Munger

You must value the business in order to value the stock. — Charlie Munger

To some extent, stocks are like Rembrandts. They sell based on what they’ve sold in the past. Bonds are much more rational. No–one thinks a bond’s value will soar to the moon. — Charlie Munger

We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value. — Charlie Munger

Determine value apart from price; progress apart from activity; wealth apart from size. — Charlie Munger

All intelligent investing is value investing–acquiring more that you are paying for. You must value the business in order to value the stock. — Charlie Munger

I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it. — Charlie Munger

A great business at a fair price is superior to a fair business at a great price. — Charlie Munger

If you always tell people why, they’ll understand it better, they’ll consider it more important, and they’ll be more likely to comply. — Charlie Munger

Litigation is notoriously time–consuming, inefficient, costly and unpredictable. — Charlie Munger

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time. — Charlie Munger

If you can buy the best companies, over time the pricing takes care of itself. — Charlie Munger

I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn’t understand both is a damned fool. — Charlie Munger

It’s a real pleasure to earn the trust of your customers slowly over time by doing what’s right. — Charlie Munger

If it is wisdom you’re after, you’re going to spend a lot of time on your ass reading. — Charlie Munger

The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple. — Charlie Munger

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

You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time. — Charlie Munger

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

The normal expectancy of the average investor–for example, the pension funds of AT&T or IBM–is 6% for a long time. — Charlie Munger

You don’t have to have perfect wisdom to get very rich–just a bit better than average over a long period of time. — Charlie Munger

The tradition of always looking for the answer in the most fundamental way available–that is a great tradition, and it saves a lot of time in this world. — Charlie Munger

This habit of committing far more time to learning and thinking than to doing is no accident. — Charlie Munger

I think that, every time you saw the word EBITDA, you should substitute the word ‘bullshit’ earnings. — Charlie Munger

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn’t. — Charlie Munger

As long as I have a book in my hand, I don’t feel like I’m wasting time. — Charlie Munger

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn’t work. — Charlie Munger

A board member should be perfectly willing to leave at any time and willing to make the tough calls. — Charlie Munger

I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it. — Charlie Munger

We all are learning, modifying, or destroying ideas all the time. — Charlie Munger

Acquire worldly wisdom and adjust your behavior accordingly. — Charlie Munger

Trying to prioritize among things we’re unlikely to do is pretty fruitless. — Charlie Munger

People are trying to be smart–all I am trying to do is not to be idiotic, but it’s harder than most people think. — Charlie Munger

Financial institutions make us nervous when they’re trying to do well. — Charlie Munger

It’s remarkable how much long–term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. — Charlie Munger

A majority of life’s errors are caused by forgetting what one is really trying to do. — Charlie Munger

Spend each day trying to be a little wiser than you were when you woke up. — Charlie Munger

Forgetting your mistakes is a terrible error if you are trying to improve your cognition. — Charlie Munger

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart. — Charlie Munger

I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you’re well on your way to success in this world. — Charlie Munger

The big money is not in the buying and selling … but in the waiting. — Charlie Munger

A director who gets $150,000 per year from a company and needs the money is not independent. — Charlie Munger

We’re partial to putting out large amounts of money where we won’t have to make another decision. — Charlie Munger

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn’t have rules that prevent it. — Charlie Munger

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

I think it would be a great improvement if there were no D&O insurance . The counter–argument is that no–one with any money would serve on a board. But I think net net you’d be better off. — Charlie Munger

If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change. — Charlie Munger