“I find it quite useful to think of a free market economy—partly free market economy—as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.”
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“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 source“Invert, always invert”
— 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 sourceMore quotes by Charlie Munger →
“Because people are very careful with the secrets of their own business doesn’t mean that they’ll be careful with the secrets of yours.”
— Ian Fleming Primary source“You will always find those who think they know what is your duty better than you know it.”
— Ralph Waldo Emerson Primary source“Let him think I am more man than I am and I will be so.”
— Ernest Hemingway Primary source“Just as animals flourish in niches, people who specialize in the business world—and get very good because they specialize—frequently find good economics that they wouldn’t get any other way.”
— Charlie Munger Primary sourceBusiness Niche Ecosystem Economics