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To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.

Charlie Munger
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Charlie Munger's Popular Quotes

I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition or anything like that - Warren…

- Charlie Munger

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

- Charlie Munger

We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.

- Charlie Munger

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

- Charlie Munger

Opportunity comes to the prepared mind.

- Charlie Munger

You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.

- Charlie Munger

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 intell…

- Charlie Munger

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

- Charlie Munger

Those who will not face improvements because they are changes, will face changes that are not improvements.

- Charlie Munger
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