Top 10 Quotes from Charlie Munger's Unconventional Wisdom
Knowing what you don't know is more useful than being brilliant.
If a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you’ll end up with a fine result.
Forgetting your mistakes is a terrible error if you’re trying to improve your cognition. Reality doesn’t remind you. Why not celebrate stupidities in both categories?
You need patience, discipline, and agility to take losses and adversity without going crazy.
It takes character to sit with all that cash and to do nothing. I didn't get to the top where I am by going after mediocre opportunities.
We both (Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
Another thing, of course, is that life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't.
Live within your income and save so you can invest. Learn what you need to learn.
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