751 Quotes by Charlie Munger

Although I am very interested in the subject of human misjudgment – and lord knows I’ve created a good bit of it – I don’t think I’ve created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.

There are always people who will be better at something than you are. You have to learn to be a follower before you become a leader.

We don’t train executives, we find them. If a mountain stands up like Everest, you don’t have to be a genius to figure out that it’s a high mountain.

Our biggest mistakes, were things we didn’t do, companies we didn’t buy.

I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person’s brain because it understands the most fundamental models- ones that will do most work per unit.

Fancy computers are engaging in legalized front-running. The profits are clearly coming from the rest of us – our college endowments and our pensions. Why is this legal? What the hell is the government thinking? It’s like letting rats into a restaurant.

In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables – like the discount warehouses of Costco.

I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.

Great investing requires a lot of delayed gratification.