Charles Munger quotes talk about how one can become wealthy and the type of mindset you should have for success. One name is repeated often in his quotes and that is the name, Warren Buffett. Munger is a billionaire and attributes his success to reading lots of books. Another billionaire who reads a lot is Bill Gates.
Charles Munger, also called Charlie Munger is an American philanthropist, businessman, and investor. He was once a real estate attorney but now partners with Warren Buffett as the vice chairman of Berkshire Hathaway. Munger made most of his money as a lawyer in the real estate business. Below are a number of quotes from him.
Quote #1 “The best thing a human being can do is to help another human being know more.” |
Quote #2 “Always take the high road, it’s far less crowded.” |
Quote #3 “Take a simple idea and take it seriously.” |
Quote #4 "People calculate too much and think too little.” |
Quote #5 “In my whole life, I have known no wise people who didn’t read all the time – none, zero.” |
Quote #6 “Knowing what you don’t know is more useful than being brilliant.” |
Quote #7 “Those who keep learning, will keep rising in life.” |
Quote #8 “Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted independence. I desperately wanted it.” |
Quote #9 “We have a passion for keeping things simple.” |
Quote #10 “You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas.” |
Quote #11 “I met the towering intellectuals in books, not in the classroom, which is natural. I can’t remember when I first read Ben Franklin. I had Thomas Jefferson over my bed at seven or eight. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.” |
Quote #12 “I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.” |
Quote #13 “No wise pilot, no matter how great his talent and experience, fails to use a checklist.” |
Quote #14 “The big money is not buying and selling. But in the waiting. No wise pilot, no matter how great his talent and experience, fails to use a checklist.” |
Quote #15 “Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it’s time.” |
Quote #16 “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.” |
Quote #17 “Live within your income and save so that you can invest. Learn what you need to learn.” |
Quote #18 “Extreme patience combined with extreme decisiveness.” |
Quote #19 “Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat.” |
Quote #20 “This habit of committing far more time to learn and thinking than to doing is no accident.” |
Quote #21 “Invert, always invert: Turn a situation or problem upside down. Look at it backward.” |
Quote #22 “Repetition is the heart of instruction.” |
Quote #23 “Acquire worldly wisdom and adjust your behaviour accordingly.” |
Quote #24 “Invest in a business any fool can run, because someday a fool will. If it won’t stand a little mismanagement, it’s not much of a business.” |
Quote #25 “You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.” |
Quote #26
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Quote #27 “I would argue that passion is more important than brain power.” |
Quote #28 “Benjamin Franklin was able to make the contribution he did because he had [financial] freedom.” |
Quote #29 “Our game is to recognize a big idea when it comes along when one doesn’t come along very often. Opportunity comes to the prepared mind.” |
Quote #30 “I didn’t get to where I am by going after mediocre opportunities.” |
Quote #31 “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.” |
Quotes #32 “Do the best you can do. Never tell a lie. If you say you’re going to do it, get it done. Nobody cares about an excuse.” |
Quote #33 “Quickly identify mistakes and take action.” |
Quote #34 “Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much loved hand.” |
Quote #35 “If your new behavior gives you a little temporary unpopularity with your peer group, then to hell with them.” |
Quote #36 “The difference between a good business and a bad business is those good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.” |
Quote #37 “Mimicking the herd invites regression to the man.” |
Quote #38 “We have three baskets for investing: yes, no, and too tough to understand.” |
Quote #39 “There’s only one way to the top: hard work.” |
Quote #40
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Quote #41 “A majority of life’s errors are caused by forgetting what one is really trying to do.” |
Quote #42 “The big money is not in buying the selling, but in the waiting.” |
Quote #43
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Quote #44 “The best thing a human being can do is to help another human being know more.” |
Quote #45 “It’s not supposed to be easy. Anyone who finds it easy is stupid.” |
Quote #46 “You’ll do better if you have passion for something in which you have aptitude. If Warren Buffett had gone into ballet, no one would have heard of him.” |
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Charles Munger quotes outline the sentiments of other rich investors like Mark Zuckerberg and others who believe in reading to gain more knowledge. Munger’s belief is that being smart will see you go a long way to becoming a successful entrepreneur. I hope his ideas will be of some benefit to all readers.
