Charlie Munger

Intelligent people make decisions based on opportunity costs.

Charlie Munger

Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.

Charlie Munger

A board member should be perfectly willing to leave at any time and willing to make the tough calls.

Charlie Munger

A lot of our respected financial institutions are just casinos in drag.

Charlie Munger

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

Charlie Munger

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

Charlie Munger

Being rational is a moral imperative. You should never be stupider than you need to be.

Charlie Munger

Bull markets go to people’s heads. If you’re a 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.

Charlie Munger

Choose clients as you would friends.

Charlie Munger

Determine value apart from price; progress apart from activity; wealth apart from size.

Charlie Munger