“Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand.”
Charlie Munger
Poor Charlie’s Almanack (Primary source)
In the tradition of Benjamin Franklin’s own almanack, Poor Charlie’s Almanack stands as a remarkable distillation of one man’s lifelong pursuit of what he termed elementary worldly wisdom. Compiled with evident devotion by Peter Kaufman and first published in 2005, this volume represents the most comprehensive gathering of Charles Munger’s speeches, insights, and philosophical observations spanning two decades of public discourse.
More about “Poor Charlie’s Almanack” →
“I think a life properly lived is just learn, learn, learn all the time.”
— Charlie Munger Primary source“So you have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. And that’s as close to certain as any prediction you can make. You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence.”
— Charlie Munger Primary source“Invert, always invert”
— Charlie Munger Primary source“In my whole life, I have known no wise people (over a broad subject matter) who didn’t read all the time—none, zero. You’d be amazed how much Warren reads—and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
— Charlie Munger Primary sourceMore quotes by Charlie Munger →
“If you would be loved, love and be lovable.”
— Benjamin Franklin Primary source“How many a man has dated a new era in his life from the reading of a book.”
— Henry David Thoreau Primary source“Trying to minimize taxes too much is one of the great standard causes of really dumb mistakes.”
— Charlie Munger Primary source“I think a life properly lived is just learn, learn, learn all the time.”
— Charlie Munger Primary sourceLife Poker Mistakes Probability Change