Charlie Munger Quotes

Play the shot you've got the best chance of playing well.

Advantage is a better soldier than rashness.

You take an educated gamble. If you don't occasionally make a mistake, you're not doing your job.

I do like the thrill of risk-taking, but it's always carefully calculated. I have done many high risk undertakings, but I have always measured the stakes. Not feeding the fear nor the doubt. But I also believe that you need to fuel passion in whatever you do. This is what I am trying to teach my children today.

'Tis best to weigh the enemy more mighty than he seems.

I talk a lot about taking risks, and then I follow that up very quickly by saying, 'Take prudent risks.'

If you can defend, counter-attack and take the initiative then you become a more dangerous player.

I think there's a difference between a gamble and a calculated risk.

I take big risks, but I'm not reckless about it.

One cannot think that blind bravery gives victory over the enemy.

I think that we have to be constantly asking ourselves, 'How do we calculate the risk?' And sometimes we don't calculate it correctly; we either overstate it or understate it.

What matters in the Sun-tzu universe are not positions of strength and power, but situations in which you have options, full of potential force.

I don't fight safe; I fight smart.

If you're playing the best of 19, and it's 7-7 and there's only five frames left, you tend to take a few more chances.

I think there's a lot of trust in being selectively aggressive I guess. Looking for your pitch you can drive, but not swinging if it's not there and not worrying about, 'Oh no, I'm down 0-2.' I feel as comfortable as I do at 0-0. I don't know.

It's all about timing and taking out big shots at the right time.

Poker is all about comfort with uncertainty, after all.

Move not unless you see an advantage; use not your troops unless there is something to be gained; fight not unless the position is critical.

Nobody can really guarantee the future. The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them and then make our plans with confidence.

It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. It's just that simple.

You need to be uncomfortable and apprehensive: True strategy is about placing bets and making hard choices. The objective is not to eliminate risk but to increase the odds of success.

Maneuvering with an army is advantageous; with an undisciplined multitude, most dangerous.

Always hedge your bets. That's how I do it. I lay all my bets on what I can contribute, and suffer no illusions that I'm generating stuff by myself.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

I won’t bet $100 against house odds between now and the grave.