Quotes from Charlie Munger

I've got some advice for the young: If you've got anything you really want to do, don't wait until you're 93.

If any successes has come to me, it came because I insisted on thinking things through. That's all I was capable of doing in life, was thinking pretty hard about trying to get the right answer, and then acting on it. I never learned to do anything else.

There's danger in just shoveling out money to people who say, 'My life is a little harder than it used to be.' At a certain place you've got to say to the people, 'Suck it in and cope, buddy. Suck it in and cope.'

Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.

The big money is not in the buying and selling ... but in the waiting.

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.

We don't like trading agony for money

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.

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.

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.

Never, ever, think about something else when you should be thinking about the power of incentives.

When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'

Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.

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

Good businesses can survive a little bad management.

A great business at a fair price is superior to a fair business at a great price.

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

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.

There's more honor in investment management than in investment banking.

It is one thing to think gold has some marvelous store of value because man has no way of inventing more gold or getting it very easily, so it has the advantage of rarity. Believe me, man is capable of somehow creating more bitcoin... They tell you there are rules and they can't do it. Don't believe them.

We want very good leaders who have a lot of power.

The only intelligence investing is value investing...to acquire more than one is paying for.