Quotes from Charlie Munger

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.

I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.

Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great thinker.

They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.

It's a real pleasure to earn the trust of your customers slowly over time by doing what's right.

The harder you work, the more confidence you get. But you may be working hard on something that is false.

I regard it as very unfair, but capitalism without failure is like religion without hell.

There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn't awash in cash — and I don't want to go back.

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

We look for a horse with one chance in two of winning and which pays you three to one.

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.