Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

Charlie Munger, Ed Thorp, Howard Marks, Joel Greenblatt, Bill Miller, Mohnish Pabrai, Tom Gayner, Guy Spier, Fred Martin, Ken Shubin Stein, Matthew McLennan, Jeffrey Gundlach, Francis Chou, Thyra Zerhusen, Thomas Russo, Chuck Akre, Li Lu, Peter Lynch, Pat Dorsey, Michael Price, Mason Hawkins, Bill Ackman, Jeff Vinik, Mario Gabelli, Laura Geritz, Br

“After it’s all said and done, these are the three most important things to me. Never compromise what you believe in. Never be satisfied with what you are, only with what you can be. And never give up.”

Dilgo Khyentse Rinpoche, a Tibetan Buddhist master who was a teacher of the Dalai Lama, once said, “Those who seek happiness in pleasure, wealth, glory, power, and heroics are as naive as the child who tries to catch a rainbow and wear it as a coat.”

“To the Stoic, the greatest injury that can be inflicted on a person is administered by himself when he destroys the good man within him,” he wrote. “You can only be a ‘victim’ of yourself. It’s all how you discipline your mind.”

The key, he wrote, is to “concentrate on this for your whole life long: for your mind to be in the right state.” That includes “welcoming wholeheartedly whatever comes,” “trusting that all is for the best,” and “not worrying too often, or with any selfish motive, about what other people say. Or do, or think.”

“The mind is its own place, and in itself can make a heaven of Hell, a hell of Heaven.”

“I don’t regret any of the principled choices I made.” It’s a reminder that one aspect of a successful and abundant life is the self-respect that comes from trying consistently (despite all of our flaws and failings) to behave decently and avoid harming others.

“Who you spend your time with is probably the most important thing in life,” says Thorp,

If all you succeed in doing in life is getting rich by buying little pieces of paper, it’s a failed life. Life is more than being shrewd in wealth accumulation. —Charlie Munger