Poor Charlie's Almanack Quotes

“In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time -- none, zero. You'd be amazed at how much Warren reads--and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“How to find a good spouse?
-the best single way is to deserve a good spouse.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“There is no better teacher than history in determining the future... There are answers worth billions of dollars in 30$ history book.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“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.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“It takes character to sit with all that cash and to do nothing.
I didn't get top where I am by going after mediocre opportunities.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“What are the secret of success?
-one word answer: "rational”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“The best armour of old age is a well spent life perfecting it.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“In my whole life, I have known no wise people (over a board subject matter area) who didn't read all the time - none, zero. You'd be amazed how much Warren reads - and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“The best armour of old age is a well spent life preceding it.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“I think that, every time you see the word EBITDA, you should substitute the words" bullshit earnings.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“It's the work on your desk. Do well with what you already have and more will come in.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“The reason we avoid the word" synergy "is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises. Berkshire is full of synergies - we don't avoid synergies, just claims of synergies.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“It's not the bad ideas that do you in, it’s the good ideas. And you may say, 'That can't be so. That's paradoxical. What he [Graham] meant was that if a thing is a bad idea, it’s hard to overdo. But where there is a good idea with a core of essential and important truth, you can’t ignore it. And then it's so easy to overdo it. So the good ideas are a wonderful way to suffer terribly if you overdo them”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“Stay within a well-defined circle of competence.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“I want to think about things where I have an advantage over others. I don't want to play a game where people have an advantage over me. I don't play in a game where other people are wise and I am stupid. I look for a game where I am wise, and they are stupid. And believe me, it works better. God bless our stupid competitors. They make us rich.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

“Avoid unnecessary transactional taxes and frictional costs; never take action for its own sake.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Good ideas are rare—when the odds are greatly in your favor, bet (allocate) heavily.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Resist the craving for false precision, false certainties, etc.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“The quotes, talks, and speeches presented here are rooted in the old-fashioned Midwestern values for which Charlie has become known: lifelong learning, intellectual curiosity, sobriety, avoidance of envy and resentment, reliability, learning from the mistakes of others, perseverance, objectivity, willingness to test one’s own beliefs, and many more. But his advice comes not in the form of stentorian admonishments; instead, Charlie uses humor, inversions (following the directive of the great algebraist [Carl] Jacobi to “invert, always invert” ), and paradox to provide sage counsel about life’s toughest challenges.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Remember that just because other people agree or disagree with you doesn’t make you right or wrong—the only thing that matters is the correctness of your analysis and judgment.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Above all, never fool yourself, and remember that you are the easiest person to fool.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Opportunity doesn’t come often, so seize it when it does. Opportunity meeting the prepared mind—that’s the game.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Look first for someone both smarter and wiser than you are. After locating him (or her), ask him not to flaunt his superiority so that you may enjoy acclaim for the many accomplishments that sprang from his thoughts and advice. Seek a partner who will never second-guess you nor sulk when you make expensive mistakes. Look also for a generous soul who will put up his own money and work for peanuts. Finally, join with someone who will constantly add to the fun as you travel a long road together.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“If, in your thinking, you rely entirely on others—often through purchase of professional advice—whenever outside a small territory of your own, you will suffer much calamity.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Yeah, I’m passionate about wisdom. I’m passionate about accuracy and some kinds of curiosity. Perhaps I have some streak of generosity in my nature and a desire to serve values that transcend my brief life. But maybe I’m just here to show off. Who knows? 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.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“It’s not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it—who look and sift the world for a mispriced bet—that they can occasionally find one. And 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.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“However, both Warren and I are very good at changing our prior conclusions. We work at developing that facility because without it, disaster often comes.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

“Charlie counts preparation, patience, discipline, and objectivity among his most fundamental guiding principles. He will not deviate from these principles, regardless of group dynamics, emotional itches, or popular wisdom that “this time around it’s different.”
― Charles T. Munger, Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger