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Quotations (13)

The Tao of Charlie Munger

a Compilation of Quotes From Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth
1 to 13 of 13 items
Only a single quote at goodreads this morning!!! # 2 CIRCLE OF COMPETENCE – “Knowing what you don’t know is more useful than being brilliant.” === # 5 EASY SHOOTING – “My idea of shooting a fish in a barrel is draining the barrel…
# 19 PATIENCE … The intense focusing skills it takes to become a lawyer or a doctor are the same skills it takes to become a great investor. === # 21 EBITDA – “I think that, every time you see the word EBITDA, you should substitute the…
# 33 NOT BEING STUPID – “It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying: ‘It’s the…
# 78 MARKET DECLINES – “If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get compared…
# 85 ENRON – “The people who carry the torch in accounting are in a noble profession, yet these people also gave us Enron.” – Enron was an energy, commodities, and transmission company that posted revenues of $111 billion in the year 2000.…
# 101 NOT WORKING – “It’s been my experience in life, if you just keep thinking and reading, you don’t have to work.” === # 103 OUT WITH THE OLD – “Any year that passes in which you don’t destroy one of your best loved ideas is a wasted…
# 106 BEING FRUGAL … If you don’t need something, you don’t have to buy it—so who cares if it goes up in price? Do you really think Charlie has ever lost sleep over the ever-increasing price of a new Ferrari? === # 108 IDEA DESTRUCTION –…
# 112 SECRET TO WISDOM – “Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading. If you want wisdom, you’ll get it sitting on your…
# 116 INCENTIVE-CAUSED BIAS – “You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are…
# 119 MARRIAGE ADVICE – “In marriage, you shouldn’t look for someone with good looks and character. You look for someone with low expectations.” – A high-expectations spouse is never pleased, and you will spend your life being miserable…
# 128 MULTITASKING – “I think people who multitask pay a huge price.” – Many people believe that when they multitask, they are being superproductive. Charlie believes that if you don’t have time to think about something deeply, you are…
# 130 HEALTH – “I eat whatever I want to eat. I have never paid any attention to my health. I’ve never done any exercise I didn’t want to do. If any success has come to me, it came because I insisted on thinking things through . . . all…
# 135 PERSPECTIVE – “It’s bad to have an opinion you’re proud of if you can’t state the arguments for the other side better than your opponents. This is a great mental discipline.” – This mental exercise comes from Charlie’s early training…