Charles Munger, the former vice-chairman of Berkshire Hathaway, Warren Buffett's holding company, was more than just another executive in one of the most consequential companies on Wall Street.
He was a close confidant of billionaire and the Oracle of Omaha, Warren Buffett. Munger played a pivotal role in shaping the company, and making it, what it is today.
Munger passed away at the age of 99 on November 28, 2023. But his thoughts and ideas continue to remain as relevant as they were decades ago.
Here are some of the most poignant motivational and inspirational quotes from Munger, to kickstart your Monday.
"Knowing what you don’t know is more useful than being brilliant."
Knowledge, as they say, is power, and what is more powerful than knowing something? It is knowing, what you do not know. Munger's comments reflect the need to gauge and hold the knowledge and apprehend the vastness of the same. This is because no one, absolutely no one, knows it all.
A lot like friend and business partner Warren Buffett, Munger clearly held rectitude and reputation in high regard. Both Buffett and Munger come from the school of thought that looks at the means of getting to a goal rather than just the goal itself. | Representational Image
“Remember that reputation and integrity are your most valuable assets, and can be lost in a heartbeat.”
A lot like friend and business partner Warren Buffett, Munger clearly held rectitude and reputation in high regard. Both Buffett and Munger come from the school of thought that looks at the means of getting to a goal rather than just the goal itself.
“Forgetting your mistakes is a terrible error if you are trying to improve your cognition.”
Failure, as they say, is the stepping stone to success. Just like that, mistakes at the route of those failures, and their profound understanding is crucial to lay the path forward. If one fails to do that, they only go in circles, endlessly being pushed in a vicious loop. Learning from your mistakes, and then working on them, is the mark of excellence.
Once again, a reflection of Buffett's ideals is visible in the functioning of Munger as well. Like Buffett, Munger also believed in the fact that the best holding time is forever. | Fike
“The big money is not in the buying and selling, but in the waiting.”
Once again, a reflection of Buffett's ideals is visible in the functioning of Munger as well. Like Buffett, Munger also believed in the fact, that the best holding time, is forever. Selling a stock immediately, was never a style of the company (Berkshire Hathaway), and the two men, who guided the company. The idea of waiting is deeply rooted in the philosophy of patience.
“I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.”
Having an opinion is crucial. But, putting up castles of cards of febrile opinions is rudderless. Munger's comment deeply believes in the fact, that you may know something, but, you may also know nothing about somethings. Understanding the world around and the opinions around, only allows one to navigate and better operate in a world full of complexities.
