Home / Quotes / Quote by Charlie Munger

Quote by Charlie Munger

“A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success”

Quote by Charlie Munger

Author

Charlie Munger, born on January 1, 1924, is a distinguished business person known for his investment philosophy and partnership with Warren Buffett at Berkshire Hathaway. He has been a significant influence in the field of finance and investing, contributing to the success of the company over the years. more

You May Also Like

“In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women”

Want Wells Today Winning Path Feet Crazy Standards Management Investment Chinese Outcomes Customs Artificial Constructs Binding Investment Management

Author:Charlie Munger

“Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient”

Looks Discipline Prudent

Author:Seth Klarman

“Finding patterns is easy in any kind of data-rich environment; that's what mediocre gamblers do. The key is in determining whether the patterns represent signal or noise”

Kind Easy Rich Environment Keys Findings Patterns Noise Data Mediocre Signals

Author:Nate Silver

“I believe I do much better for the time being by first copying some good things than by working without that foundation”

Firsts Believe I Believe Foundation Good Things Copying

Author:Vincent Van Gogh

“The value of a thing sometimes lies not in what one attains with it, but in what one pays for it - what it costs us”

Sometimes Lying Values Pay Cost

Author:Friedrich Nietzsche

“Does the logic connect? What are the range of probably outcomes? You want to figure out what those probabilities are and ideally be the House. It's fine to gamble, as long as you're the House. Also, listen to critical feedback, particularly from friends. Generally they will be thinking it but they won't tell you.”

Thinking Want Long Doe House Figures Fine Logic Critical Range Outcomes Probability Feedback Gamble

Author:Elon Musk

“A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus - as revealed by a price - may be wrong. Even though there are also some important features that make investing different than, say, a casino or the track, the basic idea is the same: you want the positive expected value on your side”

Want May Important Ideas Different Values Process Sides Investment Investing Track Expected Features Thoughtful Contemplating Probability Consensus Your Side Casinos Payoff

Author:Michael Mauboussin

“Beyond domestic animals and our response to their fealty and affection, we have a peculiar charge concerning the wild animals which supply our clothes, food and adornments.”

Animal Clothes Response Affection Peculiar Wild Animal Adornment

Author:S. Parkes Cadman

“We need to understand the difference between discipline and punishment. Punishment is what you do to someone; discipline is what you do for someone.”

Needs Differences Discipline Punishment

Author:Zig Ziglar

“The most difficult thing about painting is the self-discipline. When I finish a job, I give myself a few days, but then I have to discipline myself quite fiercely if I want to do some painting that's worthwhile. Otherwise, you're just doodling. It's much easier when you're just told what you have to do.”

Ifs Want Giving Self Jobs Difficult Painting Discipline Easier Worthwhile Self Discipline Difficult Things Doodling

Author:John Hurt