Favorite Charlie Munger Quotes

When the news broke yesterday that Charlie Munger passed away, three of my clients and friends texted or emailed me to say “rest in peace Charlie.”  I don’t recall if I had ever told them that I was a fan of Munger’s commentary, but I am.  Here are some of my favorite quotes, including some new quotes I noticed yesterday in the online outpouring of support and in honor of him.

1. “The best thing a human being can do is to help another human being know more.”
2. “Everywhere there is a large commission, there is a high probability of a rip-off.”
3. “Spend each day trying to be a little wiser than you were when you woke up.”
4. “The big money is not in the buying and selling, but in the waiting.”
5. “Investing is where you find a few great companies and then sit on your ass.”
6. “You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.”
7. “There are worse situations than drowning in cash and sitting.”
8. “Think about the basic intellectual dishonesty that comes when you start talking about adjusting EBITDA. You’re almost announcing you’re a flake.”
9. “Those who keep learning will keep rising in life.”
10. “Acknowledging what you don’t know is the dawning of wisdom.”
11. “A lot of people with high IQ’s are terrible investors because they’ve got terrible temperaments.”
12. “A great business at a fair price is superior to a fair business at a great price.”
13. “Remember that reputation and integrity are your most valuable assets that can be lost in a heartbeat.”
14. “The first rule of compounding is to never interrupt it unnecessarily.”
15. “All intelligent investing is value investing, acquiring more than you are paying for.”