The Tao of Charlie Munger

Question 1

“Knowing what you don’t know is more useful than being __________”.

Answer 1

Brilliant.

Question 2

“People are trying to be smart, but I’m just trying to avoid being an __________”.

Answer 2

Idiot.

Question 3

“My idea of shooting fish in a barrel is ____________ the barrel first”.

Answer 3

Draining.

Question 4

“Sitting on your ass is one of the best _____________ strategies, but one of the hardest to implement”.

Answer 4

Investing.

Question 5

“Be aware of others’ _____________ when it comes to what they say & how they act”.

Answer 5

Incentives.

Question 6

“Good ___________ are rare, when the odds are in your favor, bet heavily”.

Answer 6

Ideas.

Question 7

“Mimicking the herd invites regression to the ________.”

Answer 7

Mean.

Question 8

“Keep $10M in ________ for a good deal to come along”.

Answer 8

Cash.

Question 9

“Every time you see the word EBITDA, you should substitute the word, “_____________”.

Answer 9

Bullshit.

Question 10

“Smart people aren’t immune from being _______________”.

Answer 10

Overconfident.

Question 11

“Not being ____________ is more valuable than being smart.”

Answer 11

Stupid.