Charlie Munger on Strategy Quotes

"If you don't get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest."

"Knowing what you don't know is more useful than being brilliant."

"Invert, always invert: Turn a situation or problem upside down. Look at it backward."

"You should have a circle of competence. You have to know what you understand and what you don't understand."

"You have to have models in your head. And you've got to array your experience both vicarious and direct on this latticework of models."

"The iron rule of nature is: you get what you reward. If you want ants to come, you put sugar on the floor."

"The first rule of compounding: Never interrupt it unnecessarily."

"A great business at a fair price is superior to a fair business at a great price."

"The big money is not in the buying and the selling, but in the waiting."

"Show me the incentive and I will show you the outcome."

"Mimicking the herd invites regression to the mean."

"You must have the discipline to wait for the right pitch."

"Opportunity cost is a huge filter in life."

"Take a simple idea and take it seriously."

"It is 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."