Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

To Charlie, successful investing is simply a by-product of his carefully organized and focused approach to life.

If you want to get smart, the question you have to keep asking is “Why, why, why?”

Well, he will like and love being liked and loved. So

imitation harder to arrange for competing products. And, because we are going to attach so many expensive psychological effects to our flavor, that flavor should be different from any other standard flavor so that we maximize difficulties for competitors and give no accidental same-flavor benefit to any existing product.

However, I know of no really rich sector rotator. Maybe some people can do it. I’m not saying they can’t. All I know is that all the people I know who got rich—and I know a lot of them—did not do it that way.

As I review in 2006 this talk made in 1986, I would not revise a single idea. If anything, I now believe even more strongly that 1) reliability is essential for progress in life and 2) while quantum mechanics is unlearnable for a vast majority, reliability can be learned to great advantage by almost anyone. Indeed, I have often made myself unpopula

This sort of tragedy is caused by letting the slop run. You must stop slop early. It’s very hard to stop slop and moral failure if you let it run for a while.

‘No man’s life should be accounted a happy one until it is over.’”

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