Charlie Munger: The Complete Investor (Columbia Business School Publishing)

by Tren Griffin

I think there’s something to be said for developing the disposition to own stocks without fretting. —CHARLIE MUNGER, BERKSHIRE ANNUAL MEETING, 2003 We fret way earlier than other people. We left a lot of money on the table through early fretting. It’s the way we are—you’ll just have to live with it. —CHARLIE MUNGER, WESCO ANNUAL MEETING, 2001 If you’re not willing to react with equanimity to a market price decline of 50 percent two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get compared to the people who do have the temperament, who can be more philosophical about these market fluctuations. —CHARLIE MUNGER, BBC INTERVIEW, 2010 If you want to get rich, you’ll need a few decent ideas where you really know what you’re doing. Then you’ve got to have the courage to stick with them and take the ups and downs. Not very complicated, and it’s very old-fashioned. —CHARLIE MUNGER, DAILY JOURNAL MEETING, 2013 You will get a few opportunities to profit from finding underpricing. There are actually people out there who don’t price everything as high as the market will easily stand. And once you figure that out, it’s like finding money in the street—if you have the courage of your convictions.