Charlie Munger

When Warren lectures at business schools, he says, “I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had twenty punches representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any [...]

Charlie Munger

Always ask yourself what are the arguments on the other side. 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.

Charlie Munger

There's just a huge amount of skill in exposition. Part of being a wise person is resisting the other person's expository to know nonsense when you see it. If you're like me, you can conceal your contempt for the person even as they speak.

Charlie Munger

I think I've been in the top five percent of my age cohort almost all my adult life in understanding the power of incentives, and yet I've always underestimated that power.

Charlie Munger

It is occasionally possible for a tortoise, content to assimilate proven insights of his best predecessors, to outrun hares which seek originality or don't wish to be left out of some crowd folly which ignores the best work of the past. This happens as the tortoise stumbles on some particularly effective way to apply the [...]