Quotes from Charlie Munger

The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.

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.

You need a different checklist and different mental models for different companies.

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

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

There must be some wisdom in the folk saying: Its the strong swimmers who drown.

You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period of time.

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.

Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

Take a simple idea and take it seriously.

To the man with only a hammer, every problem looks like a nail.

When you borrow a man's car, always return it with a tank of gas.

There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, " What good is health? You can't buy money with it."

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

Go to bed smarter than when you woke up.

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.

Three rules for a career: 1) Don't sell anything you wouldn't buy yourself; 2) Don't work for anyone you don't respect and admire; and 3) Work only with people you enjoy.

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.

Hard work, honesty, if you keep at it, will get you almost anything.

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

The only way to win is to work, work, work, work, and hope to have a few insights

Everybody engaged in complex work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing."

The harder you work, the more confidence you get. But you may be working hard on something that is false.