Home / Quotes / Quote by Charlie Munger

Quote by Charlie Munger

“I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I've reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life”

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

“Of course the self-serving bias is something you want to get out of yourself. Thinking that what's good for you is good for the wider civilization and rationalizing all these ridiculous conclusions based on this subconscious tendency to serve one's self is a terribly inaccurate way to think.”

Thinking Way Want Self Courses Civilization Ridiculous Tendencies Conclusion Serving Bias Subconscious Self Serving

Author:Charlie Munger

“Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.”

People Ifs Want Humans Self Courses Wise Conditions Fool Foolish Remove Serving Human Condition Bias Being Wise Self Serving

Author:Charlie Munger

“Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great thinker.”

Ifs Attention Particular Evidence Paid Thinker Objectivity Maintenance Great Thinkers

Author:Charlie Munger

“Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, 'The big money is not in the buying and selling...but in the waiting.'”

Thinking Knows Years Looks Said Bigs Waiting Millions Know How Selling Sat Buying Fund Treasury Hedge Fund Buying And Selling

Author:Charlie Munger

“Just keep your head down and do your best.”

Down And Maximum Effort

Author:Charlie Munger

“It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.”

World Earth Grows Hell Return Rate Finite Hell On Earth

Author:Charlie Munger

“Likewise, education can direct people toward good or evil ends. When education is based on a fundamentally distorted worldview, the results are horrific.”

People Ends Evil Results Direct Worldview Horrific

Author:Daisaku Ikeda

“The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].”

Way Hell Institutions Financial Credit Dumb Acquisition Buckets Downfall Go To Hell Derivatives Financial Institutions

Author:Charlie Munger

“Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.”

People Ifs Needs Materials Return Dues Defense Silly Worried Goods Inflation

Author:Charlie Munger

“Details create success.”

Author:John Wooden