10 Timeless Charlie Munger Quotes:

Here are 10 timeless lessons Charlie shared with the world…

1. Seek to Understand: “You have to know the big ideas in the big disciplines and use them routinely — all of them, not just a few.”
2. Learn from Mistakes: “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.”
3. Invert, Always Invert: “It is in the nature of things that many hard problems are best solved when they are addressed backward.”
4. Avoid Envy: “Generally speaking, envy, resentment, revenge, and self-pity are disastrous modes of thought.”
5. Read Widely: “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero.”
6. Stay Rational: “I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”
7. Know Your Circle of Competence: “You have to stick within what I call your circle of competence. You have to know what you understand and what you don’t understand.”
8. Be Patient: “The big money is not in the buying and selling, but in the waiting.”
9. Stay Within Your Margin of Safety: “All I want to know is where I’m going to die so I’ll never go there.”
10. Avoid Groupthink: “Independence of thought enables you to avoid the worst error of modern life — the one where you sell yourself the wrong car because you can’t bear the psychic damage of not having the car you think you should have.”