Charlie Munger

“Knowing what you don't know is more important than knowing what you do.”

“Patiently waiting for good opportunities is key to investment success.”

“Avoiding stupidity is more important than pursuing brilliance.”

“Never invest in something you don't understand.”

“The best investment decisions are often counterintuitive.”

“Compound interest is the eighth wonder of the world.”

“Successful investors are lifelong learners.”

“The market is a voting machine in the short term and a weighing machine in the long term.”

“Don't buy inferior assets just because they're cheap.”

“The most important thing in investing is avoiding big mistakes.”

“Diversification is protection against ignorance.”

“Price is what you pay, value is what you get.”

“Be fearful when others are greedy and greedy when others are fearful.”

“The best investment is investing in yourself.”

“Risk comes from not knowing what you're doing.”

“Investing is simple, but not easy.”

“Time is the friend of the wonderful business, the enemy of the mediocre.”

“Mr. Market is moody, but you can take advantage of him.”

“Don't put all your eggs in one basket.”

“Investing requires independent thinking, not following the crowd.”

“Successful investing requires patience and discipline.”

“The best businesses often have the widest moats.”

“Investing is giving up consumption today for consumption tomorrow.”

“Don't fall in love with your stocks just because the price goes up.”

“The market rewards those who are patient.”

“The most important thing in investing is preserving your capital.”

“Good investment decisions often look simple.”

“Don't try to predict the market, evaluate value instead.”

“Investment success requires the right mental framework.”

“The best investment opportunities often appear during crises.”

“Investing is a combination of art and science.”

“Don't change your investment decisions based on others' opinions.”

“Long-term investing is more profitable than short-term trading.”

“The most important thing in investing is avoiding permanent loss.”

“Good businesses can survive even in difficult times.”

“Investing requires rationality, not emotion.”

“Don't panic because of market volatility.”

“Investment success requires the right character traits.”

“The best investments are those you don't need to sell.”

“The most important thing in investing is knowing your circle of competence.”

“Don't judge investments based on short-term performance.”

“Investing requires a long-term perspective.”

“The market periodically exhibits irrational behavior.”

“The most important thing in investing is staying rational.”

“Good investment decisions are based on facts, not guesses.”

“Don't become complacent because of past success.”

“Investing requires continuous learning and adaptation.”

“The market punishes those who are impatient.”

“The most important thing in investing is avoiding overconfidence.”

“Good investment opportunities require patient waiting.”

“Don't get distracted by market noise.”

“Investment success requires the right values.”

“The market is unpredictable in the short term but predictable in the long term.”

“The most important thing in investing is staying humble.”

“Good investment decisions are based on in-depth analysis.”

“Don't make investment decisions out of fear of missing out.”

“Investing requires balancing risk and return.”

“I only want to work with people I like, respect, and admire.”

“If you want wisdom, you need to sit down and think a little bit every day.”

“Envy is the stupidest of the seven deadly sins because you can't have any fun from it.”

“All the smart people I know are constantly reading—no exceptions.”

“If you're not willing to endure some pain, you won't succeed in investing.”

“We try to stay smart by staying simple.”

“In business, we look for problems that don't need solving.”

“If you're not making mistakes, you're not trying enough things.”

“I've spent my whole life trying to avoid being an idiot, which is much harder than it looks.”

“If you mix raisins with turds, you still have turds.”

“Our biggest mistakes were things we should have seen but didn't.”

“If you don't change your mind, you're not learning.”

“I'd rather work with someone with an IQ of 130 who thinks it's 120 than someone with an IQ of 150 who thinks it's 170.”

“The secret to success is avoiding doing stupid things, not doing brilliant things.”

“If you don't know where the boundaries are, you can't play to your strengths.”

“We try to buy businesses that would succeed even if run by idiots.”

“You can't succeed in business if you don't occasionally say 'I don't know.'”

“Every successful person I know reads more than the average person.”

“If you want a reliable partner, find someone who's already rich.”

“We try to avoid dealing with people of poor character, no matter how good the deal looks.”

“If you don't understand it, don't invest in it.”

“I'd rather have a sure good result than a possibly better one.”

“In investing, patience is not just a virtue—it's a necessity.”

“If you're not occasionally embarrassed, your goals aren't high enough.”

“We try to buy businesses we understand and like.”

“If you want long-term success, you need to avoid doing stupid things.”

“Every smart person I know is passionate about learning.”

“In business, trust is more important than contracts.”

“If you're not prepared to hold for ten years, don't hold for ten minutes.”

“We try to avoid dealing with dishonest people.”

“If you want wisdom, you need to learn from mistakes.”

“I'd rather work with an honest person of average ability than a dishonest genius.”

“In investing, avoiding losses is more important than pursuing gains.”

“If you're not occasionally failing, you're not trying hard enough things.”

“We try to buy businesses with durable competitive advantages.”

“If you want success, you need to avoid common mistakes.”

“Every successful person I know is passionate about their work.”

“In business, simple is usually better than complex.”

“If you don't understand risk, you can't manage it.”

“We try to avoid investing in businesses that require continuous capital investment.”

“If you want long-term wealth, you need to avoid short-term thinking.”

“I'd rather have a sure small success than a possible big failure.”

“In investing, discipline is more important than intelligence.”

“If you're not prepared to work hard, you won't succeed in investing.”

“We try to buy simple businesses we can understand.”

“If you want reliable results, you need to avoid unreliable people.”

“Every smart person I know is hungry for knowledge.”

“In business, reputation is your most valuable asset.”

“If you don't understand the market, you can't succeed in it.”

“We try to avoid partnering with people who don't share our values.”

“If you want wisdom, you need to learn from history.”

“I'd rather work with a slow but reliable partner than a fast but unreliable one.”

“In investing, patience is the greatest virtue.”

“If you're not prepared to learn, you won't succeed in business.”

“We try to buy businesses with strong brands and loyal customers.”

“If you want success, you need to avoid common traps.”

“Every successful person I know is passionate about improvement.”

“In business, honesty is the best policy.”

“If you don't understand value, you can't recognize it.”

“We try to avoid investing in complex businesses we can't understand.”