Charlie Munger Quotes

As much as it's sometimes hard to make choices about where you invest, it's equally hard to make choices about where you don't invest and what you eliminate.

We make choices every single day of our lives and those choices mean we must give up something in exchange for another. In economics it's called an 'opportunity cost.'

The problem with opportunity cost is that opportunity cost is divided among many, many things.

Every minute doing one thing is a minute not doing something else. Every choice is another choice not made another path grown over lost.

You cannot afford to wait for perfect conditions. Goal setting is often a matter of balancing timing against available resources. Opportunities are easily lost while waiting for perfect conditions.

As an economist, I'm aware that life is full of trade offs.

But the path you end up on means that you have to close a lot of doors, too.

It is not possible to spend on one thing and then not have consequences on something else.

In economics, one of the most important concepts is 'opportunity cost' - the idea that once you spend your money on something, you can't spend it again on something else.

All entrepreneurs make decisions. Some will go right, and some will not go that right.

There's always a fine line between being too focused and missing opportunities, or being too wide and taking on too many.

You cannot win if you're not at the table. You have to be where the action is.

The saddest thing in life is wasted talent and the choices you make will shape your life forever.

For every path you choose, there is another you must abandon, usually forever.

People don't trade money for things when they value their money more highly than they value the things.

When you're on set, and that clock is going, every second you spend doing something is a second you spend not doing something else. That's true of all of life, but it's very vivid on a film set because you're always managing that.

You never know, when you commit to something, what else could have been. I'm so bored with that concept anymore. 'If only I didn't do this, I could have done this.' It was in front of me, they asked me to do it, and it seemed like good timing.

Time is our ultimate scarcity. Isaac Newton can give us more electricity, but he can't give us more than 24 hours of the day of time. And so we're constantly having to sacrifice alternate activities to get the one that pleases us most.

If you get an opportunity, you get an opportunity, but it really comes down to the people behind the scenes and the manager. You can't do anything about it.

About the only useful thing my economics degree taught me was that, in all decisions in life, you have to do a cost-benefit analysis.

You weigh your pros and cons and what's real. You want to play baseball? Yeah. You want to go to school? If that's the best option, than that is what it is.

Everything has an opportunity cost, and the big things we want in life - like happiness and healthy relationships and wealth - they all have big opportunity costs.

In high school, driver's ed was at the same time as drama class. And I had to take drama class. Now I can sing the lead in 'Oklahoma!,' but I can't drive.

Where you are going to spend your time and your energy is one of the most important decisions you get to make in life.

Young people in general - and young women in particular - need to understand that they cannot retrieve in their forties the opportunities they threw away in their twenties.