Charlie Munger Quotes

You can never get complacent because a loss is always around the corner.

Prudence operates on life in the same manner as rule of composition; it produces vigilance rather than elevation; rather prevents loss than procures advantage; and often miscarriages, but seldom reaches either power or honor.

Your wisdom is consum'd in confidence. Do not go forth to-day.

Safety lies in silence. It is easier to rectify what you miss by silence, than to secure what you lose by speaking.

Be careful of success; it has a dark side.

I learned playing poker that you never count your winnings because that's when you start to lose.

You gotta be really careful what you bite off. Don't bite off more than you can chew. It's a dangerous world.

Always beware your moment of triumphalism: such emotions are a poor steer on the future.

Never sell the bear's skin before one has killed the beast.

When in doubt, don't.

I've learned how to stay humble. I don't want to get in over my head because when you do that it takes you off your game.

There is no fool like a careless gambler who starts taking victory for granted.

Spend not on hopes.

I believe in practicing prudence at least once every two or three years.

Danger breeds best on too much confidence.

A wise man thinks what is easy is difficult.

Success can set the table for tragedy if the victors are not careful.

DuPont had the idea there was nobody in the universe who could tell them anything.

There are limits beyond which your folly will not carry you.

I'm always careful to even guess, at any juncture, about things before we do them.

One of the things Goldman teaches you is, don't be the first guy through the door because you're going to get all the arrows.

My belief is that we should never become overconfident.

I've been asked a lot lately what message is there in the Lusitania for the modern day. To be honest, not much. Except that maybe hubris and overconfidence are always dangerous things.

I am not taking anything for granted.