Value Investing Pro

While I don’t consider myself the biggest Charlie Munger in the world, you HAVE to respect what this man says and thinks. Munger is full of wisdom and is very much as quotable as his long time business partner Warren Buffett.

5 Charlie Munger Quotes

1. Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
2. If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor
3. We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
4. We both (He and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business. We do that because we like that kind of a life.
5. You have to know accounting. It’s the language of practical business life. It was a very useful thing to deliver to civilization. I’ve heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.

Charlie Munger On BBC

Below is the recent interview he did with BBC in which capitalism and markets are talked about.  The video speaks for itself but the title is really relevant to anyone even interested in equity markets. While everyone wishes there were rising markets all the time, somewhere along the road we will have speed-bumps.

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