Charlie T. Munger

Question 1

Charlie on Evolution

Answer 1

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.

Question 2

Charlie on partners and world

Answer 2

What kind of world is this that gives me warren buffet for forty years and then some bastard comes along who’s worse?

Question 3

Charlie’s Lollapalooza definition

Answer 3

The critical mass obtained via a combination of concentration, curiosity, perseverance and self-criticism, applied through a prism of multidisciplinary mental models.

Question 4

Charlie’s 9 values

Answer 4

Lifelong learning
Intellectual Curiosity
Sobriety
Avoidance of Envy and Resentment
Reliability
Learning from the Mistakes of Others
Perseverance
Objectivity
Willingness to Test One's Own Beliefs

Question 5

Charlie on renaissance approach

Answer 5

If you skillfully follow the multidisciplinary path, you will never with to come back. It would be like cutting off your hands.

Question 6

Charlie on news

Answer 6

I’ve gotten paid a lot over the years for reading through the newspapers.

Question 7

Charlie on aging

Answer 7

I sometimes tell my friends, “I’m doing the best I can. But, I’ve never grown old before. I’m doing it for the first time, And I’m not sure that I’ll do it right.”

Question 8

Charlie on reading

Answer 8

In my whole life, I have known no wise people who didn’t read all the time– none, zero. You’d be amazed at how much Warren reads– and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.

Question 9

Charlie on dating

Answer 9

I think when you’re buying a jewelry for the woman you love, financial considerations probably shouldn’t enter into it.

Question 10

Charlie on attracting clients

Answer 10

It’s the work on your desk… It’s the work on your desk. Do well with what you already have and more will come in.

Question 11

Charlie on charging clients

Answer 11

You don’t need to take the last dollar.

Question 12

Charlie on choosing clients

Answer 12

Choose clients as you would your friends.

Question 13

Charlie on being a partner

Answer 13

A partner, ideally, is capable of working along. You can be a dominant partner, a subordinate partner or an always collaborative equal partner. I’ve done all three.
People couldn’t believe that i suddenly made myself a subordinate partner to Warren, but there are some people that it is okay to be subordinate partner to. I didn’t have the kind of ego that prevented it. There are always people who will be better at something than you are.

Question 14

Carlie on leadership

Answer 14

You have to learn to be a follower before you become a leader. People should learn to play all roles.