Quotes Category: Charlie Munger

Bull markets go to people’s heads. If you’re duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

All intelligent investing is value investing; acquiring more than you are paying for. You must value the business in order to value the stock.

I didn’t get rich by buying stocks at a high price-earnings multiple in the midst of crazy speculative booms, and I’m not going to change.

I think that everyone who thinks through the investment process learns more about how the world really works.

If you’re trying to analyze a company without using an adequate checklist, you may make a very bad investment.

I think great investors to some extent are like great chess players. They’re almost born to be investors.

Diversification is protection against ignorance, a confession that you don’t know the business you own.

Good investing requires a weird combination of patience and aggression. And not many people have it.

Just buy the one great company… at the right price and then just sit there.