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Quote by Charlie Munger

“I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.”

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

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“The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.”

Facts Certain Known Events Expectations Assuming Investing Consideration Yield Future Events

Book:General Theory Of Employment , Interest And Money

Source: General Theory Of Employment , Interest And Money

“There's a difference between describing and evoking something. You can describe something and be quite clinical about it. To evoke it, you call it up in the reader. That's what writers do when they're good.”

Differences Reader Describing Evoke Clinicals

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“Being on a comedy tour is like traveling with family, everyone is all having a great time... then all of a sudden it turns sour. One thing gets said out of turn, and everyone is on everyone's last nerve. After an hour of silence, we all start laughing about it.”

Said Lasts Turns Hours Silence Laughing Comedy One Thing Nerves Great Times Sour

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“One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.”

Feels Two Three Given Investing Enterprise Entitled Knowledge And Experience

Author:John Maynard Keynes

“If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.”

Ifs Should Looks Doe Used Investing Dues Reactions One Word

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“A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”

Mind Past Opportunity Waiting Results Majors Resources Investing Available Curious Willingness Odds Multiple Prudence Involving Diagnosis Variables Using Resources

Author:Charlie Munger

“Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.”

Ifs Rich Example Tragedy Investment Investing Faster Disagree Typical Get Rich Counselor

Author:Charlie Munger

“You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.”

Models Direct Investing Vicarious

Author:Charlie Munger

“Hard work, honesty, if you keep at it, will get you almost anything.”

Ifs Hard Honesty Hard Work Investing

Author:Charlie Munger

“At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.”

Should Important Sometimes Today Asks Perfect Talking Information Calling Investing Gathering Thumbs Inbox Gathering Information

Author:Seth Klarman