751 Quotes by Charlie Munger

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

The liabilities are always 100 percent good. It’s the assets you have to worry about.

It’s stupid the way people extrapolate the past – and not slightly stupid, but massively stupid.

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

If you buy something because it’s undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That’s hard. But if you buy a few great companies, then you can sit on your ass. That’s a good thing.

Kellogg’s and Campbell’s moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

Recognize reality even when you don't like it – especially when you don't like it.

The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.

My idea of a good place to shop is Costco – it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.