Charlie Munger Quotes
Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a really good idea. You must avoid the nonsense that is conventional in one's own time. It requires developing systems of thought that improve your batting average over time.
Munger, Charles T. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. Edited by Peter D. Kaufman, Walsworth Publishing Company, 2005.
See {627632} for an earlier advocy of change when circumstances warrant and {636175} for a modern view.
Charles Thomas Munger is an American billionaire investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his closest partner and right hand man. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.