Charlie Munger, Vice Chairman of Berkshire Hathaway and long-time business partner of Warren Buffett, is renowned for his wisdom and pithy quotes that offer insights into investing, decision-making, and life. Here are 15 of my favorite Charlie Munger quotes:
1) "I think that, every time you saw the word EBITDA, you should substitute the word 'bullshit' earnings."
- This quote highlights Munger's skepticism towards accounting practices that can sometimes obscure the true profitability of a company.
2) "You should never be stupider than you need to be."
- Munger emphasizes the importance of making intelligent choices and not being complacent or lazy in one's thinking.
3) "Knowing what you don't know is more useful than being brilliant."
- He stresses the value of recognizing one's limitations and the importance of intellectual humility.
4) "Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond."
- This metaphor warns against overconfidence during bull markets, suggesting that success may be due to external factors rather than individual skill.
5) "The big money is not in the buying and selling, but in the waiting."
- Munger advocates patience as a key aspect of successful investing.
6) "Once you get into debt, it's hell to get out. Don't let credit card debt carry over. You can't get ahead paying 18%"
- He warns about the dangers of high-interest debt and the importance of avoiding it.
7) "Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day, if you live long enough ... you will get out of life what you deserve."
- Munger encourages continuous learning and self-improvement.
8) "The best armor of old age is a well-spent life preceding it."
- This quote reflects on the importance of living a fulfilling life as a way to face the challenges of aging.
9) "Show me the incentive and I will show you the outcome"
- Munger points out that outcomes are often driven by the incentives in place.
10) "We have a passion for keeping things simple."
- Simplicity is a key principle for effective decision-making and problem-solving.
11) "A great business at a fair price is superior to a fair business at a great price."
- Munger prioritizes the quality of the business over the price when making investment decisions.
12) "We look for a horse with one chance in two of winning and which pays you three to one."
- This describes a value investing approach where the potential gains significantly outweigh the risks.
13) "Recognize reality even when you don't like it. Especially when you don't like it."
- Munger emphasizes the importance of facing facts and not being blinded by personal biases or wishes.
14) "We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that."
- He suggests that finding unique insights and focusing on areas of expertise is crucial for success.
15) "Forgetting your mistakes is a terrible error if you are trying to improve your cognition."
- Munger underscores the importance of learning from past mistakes to enhance one's understanding and decision-making abilities.
These quotes reflect Charlie Munger's philosophy on a range of topics, from investing and business to personal development and life in general. His wisdom continues to influence many in the world of finance and beyond.
查理·芒格，伯克希尔·哈撒韦公司的副主席，也是沃伦·巴菲特的长期商业伙伴，以其智慧和简洁的引语而闻名，这些引语涵盖了投资、决策和生活的洞察。以下是我最喜欢的15条查理·芒格引语：
1) “我认为，每次你看到EBITDA这个词，你应该用‘胡说八道’的收益来替代它。”
- 这句话突显了芒格对有时可能掩盖公司真实盈利能力的会计实践的怀疑态度。
2) “你永远不应该比你需要的更愚蠢。”
- 芒格强调做出明智选择的重要性，不要在思考上自满或懒惰。
3) “知道你所不知道的比聪明更有用。”
- 他强调认识到自己的局限性和智力谦逊的价值。
4) “牛市会冲昏人的头脑。如果你是池塘里的一只鸭子，而池塘因为暴雨上涨，你就开始觉得自己了不起了。但你以为是你，而不是池塘。”
- 这个比喻警告人们在牛市期间不要过度自信，暗示成功可能是由于外部因素而非个人技能。
5) “大钱不在于买卖，而在于等待。”
- 芒格提倡耐心作为成功投资的关键要素。
6) “一旦你负债，摆脱它就难如登天。不要让信用卡债务滚存。你不可能在支付18%的利息时领先。”
- 他警告高利贷的危险，并强调避免它的重要性。
7) “每天都要努力比醒来时更明智一点。日复一日，如果你活得足够久……你将得到你应得的生活。”
- 芒格鼓励持续学习和自我提升。
8) “老年的最佳盔甲是之前度过的充实生活。”
- 这句话反思了过一个充实生活的重要性，作为面对衰老挑战的方式。
9) “给我看激励，我就会给你看结果。”
- 芒格指出结果往往是由激励驱动的。
10) “我们对保持简单充满热情。”
- 简单性是有效决策和解决问题的关键原则。
11) “伟大的企业以公平的价格优于公平的企业以伟大的价格。”
- 芒格在做出投资决策时优先考虑企业的质量而非价格。
12) “我们寻找有一半机会赢，并且赔率是三比一的马。”
- 这描述了一种价值投资方法，潜在收益显著超过了风险。
13) “即使你不喜欢，也要认识现实。尤其是当你不喜欢的时候。”
- 芒格强调面对事实的重要性，不被个人偏见或愿望蒙蔽。
14) “我们必须有特殊的洞察力，否则我们就会把它放在‘太难’的篮子里。你们所有人都必须寻找一个特殊的能力领域并专注于它。”
- 他建议找到独特的洞察力并专注于专业领域对成功至关重要。
15) “如果你想提高你的认知能力，忘记你的错误是一个可怕的错误。”
- 芒格强调从过去的错误中学习，以增强一个人的理解能力和决策能力的重要性。
这些引语反映了查理·芒格对投资、商业以及个人发展和生活的哲学，他的智慧继续影响着金融界和更广泛的领域。@今日话题 $苹果(AAPL)$