751 Quotes by Charlie Munger

The ethos of not fooling yourself is one of the best you could possibly have. It’s powerful because it’s so rare.

We don’t claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won’t do them. Currently, there’s a culture in Americathat says that anything that won’t send you to prison is OK.

It’s a rare business that doesn’t have a way worse future than it has a past.

There’s no way that you can live an adequate life without making many mistakes.

We’ve got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active – discipline in avoiding just doing any damn thing just because you can’t stand inactivity.

If it happens every year like clockwork, what’s so extraordinary about it?

Even in pure mathematics they can’t remove all paradox, and the rest of us should also recognize we are going to have to endure a lot of paradox, like it or not.

The world of derivatives is full of holes that very few people are really aware of. It’s like hydrogen and oxygen sitting on the corner waiting for a little flame.

What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.