“Charlie Munger, The Complete Investor,” by Tren Griffin, is a treasure trove of observations and comments by Mr. Munger, Warren Buffett's investment expert.
Here's a sampling:
• It's remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying, “It's the strong swimmers who drown.”
• Very high IQ people can be completely useless — and many of them are.
• For a security to be mispriced, someone else must be a damn fool.
• I don't let others do projections for me, because I don't like throwing up on the desk.
• I know I'll perform better if I rub my nose in my mistakes.
• I was born innately curious. If that doesn't work for you, figure out your own damn system.
• Envy is a really stupid sin because it's the only one you could never possibly have any fun at.
• Three things ruin people: drugs, liquor and leverage.
• I try to get rid of people who always confidently answer questions about which they don't have any real knowledge. To me they are like the bee dancing its incoherent dance. They are just screwing up the hive.
• I have a black belt in chutzpah. I was born with it.
• I'd rather throw a viper down my shirt front than hire a compensation consultant.
• When you mix raisins with turds, they are still turds.