Charlie Munger Quotes

Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of money. What is also needed is a temple of shame squared for things you didn't do that would have made you rich. Forgetting your mistakes is a terrible error if you are trying to improve your cognition. Reality doesn't remind you. Why not celebrate stupidities in both categories?

Mistakes only cost you when you don't acknowledge them.

The two worst strategic mistakes to make are acting prematurely and letting an opportunity slip.

Our biggest mistakes, were things we didn't do, companies we didn't buy.

Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.

I lost the match. I blame only myself for this. There were many opportunities to win. But I missed them, no one else.

During their lifetimes, every man and woman will stumble across a great opportunity. Sadly, most of them will simply pick themselves up, dust themselves down and carry on as if nothing ever happened.

But to deny fate is arrogance, to declare that we are the sole shapers of our existence is madness;if you deny fate life becomes the series of missed opportunities, a regret for what never was and could have been, a remorse of what was not done and could have been done, and the present is wasted, twisted into another missed oppurtunity.

The time to begin most things is ten years ago.

Nothing is so irretrievably missed as an opportunity we encounter every day.

The mistakes I've made are dead to me. But I can't take back the things I never did.

Life comes in the form of opportunities, which are easy to recognize, after they have been wasted.

Don't worry about failures, worry about the chances you miss when you don't even try.

A "take" is an opportunity to fail ... and we think that we have to get it right all the time.

You have made some mistakes and you may not be where you want to be, but that has nothing to do with your future.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

Take the stupidest thing you've ever done. At least it's done. It's over. It's gone. We can all learn from our mistakes and heal and move on. But it's harder to learn or heal or move on from something that hasn't happened; something we don't know and is therefore indefinable; something which could very easily have been the best thing in our lives, if only we'd taken the plunge, if only we'd held our breath and stood up and done it, if only we'd said yes.

Goals happen to be restrictive to me. Goals can cause me to maybe miss out or make a wrong decision on an opportunity that pops up.

The greatest mistake a person can make is doing nothing.

Today is a new day. You will get out of it just what you put into it...If you have made mistakes, even serious mistakes, there is always another chance for you. And supposing you have tried and failed again and again, you may have a fresh start any moment you choose, for this thing that we call failure is not the falling down, but the staying down.

Money is very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota? Now, you would expect people to have an answer. But people were kind of shocked by the question. They never thought about it before. So, the most we got was people said, "Well, if I can't buy this Toyota, if I buy this Toyota, I can't buy a Honda." What is this thing? What is this value of price? Very hard to think about it.

For every mistake that you learn from you will save thousands of similar mistakes in the future, so if you treat mistakes as learning opportunities that yield rapid improvements you should be excited by them. But if you treat them as bad things, you will make yourself and others miserable, and you won't grow.

No space of regret can make amends for one life's opportunity misused