Some Thoughts From Charles Munger About Various Things

“People are trying to be smart – all I am trying to do is not to be idiotic, but it’s harder than most people think.”

“Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”

“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.”

“I’m a great believer in solving hard problems by using a checklist. You need to get all the likely and unlikely answers before you; otherwise it’s easy to miss something important.”

“You ought to have an internal compass. So there should be all kinds of things you won’t do even though they’re perfectly legal. That’s the way we try to operate.”

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