READING TIME: 2 MINUTES

Charlie Munger is a billionaire - but that’s just the beginning. He’s a tremendous thinker and builder, too. He has served as the Vice-Chairman of Berkshire Hathaway since its inception, working alongside Warren Buffett to build one of the most successful businesses in the world.

While quotes impart wisdom, only living will make you wise. Even if these don’t mean much to you now, they may in the future. Enjoy these quotes to live by from Charlie Munger:

At Wealest, I talk a lot about mental models and how you and I can use them to build wealth. The more mental models you have, the better you’ll be at making decisions under uncertainty. Munger is all about building a lattice of mental models through which to view the world, while avoiding “Man with a Hammer” syndrome in the process.

Not much to say about this one, other than heed his words. Heed them!

This quote has had a profound affect on my life. Searching for businesses I can understand, with strong moats, good management, at a price that offers a margin of safety is a simple idea. But the more seriously I take it, the more there is to learn and unpack. It’s a good reminder to go an inch wide and a mile deep.

Charlie has lived a long, successful life, and knows that honesty and integrity is the true track record to be proud of. Your investment returns mean very little when you’ve left your integrity behind.

Knowledge and wisdom compound over time - that’s the power of slow, incremental constant progress. If you commit an hour a day to learning something new, or building something of your own, you will be astonished at what you can accomplish over the longterm. And as Charlie says, if you commit yourself to this habit, you will get what you deserve.

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All quotes are from Charlie Munger, as recorded in Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.

Munger, C. T., & Kaufman, P. D. (2008). Poor Charlie's almanack: The wit and wisdom of Charles T. Munger. Virginia Beach, Va: Donning Co. Pub.