The annual Berkshire Hathaway shareholder meeting was held recently, the first meeting without its long-time Vice-Chairman Charlie Munger, who sat up at the table with Warren Buffett for decades. A good part of the meeting was a celebration and a tribute to Munger’s invaluable contributions to Berkshire Hathaway, as well as his sage advice over the years to investors and people the world over.
Here are some notable quotes of Charlie Munger and Warren Buffett:
Charlie Munger
- “Spend each day trying to be a little wiser than you were when you woke up.”
- “The first rule of a happy life is low expectations.”
- “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines.”
- “It’s not the bad ideas that do you in, it’s the good ones.”
Warren Buffett
- “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”
- “Risk comes from not knowing what you’re doing.”
- “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
- “The stock market is designed to transfer money from the Active to the Patient.”
Joint Quotes
- “The most important quality for an investor is temperament, not intellect.”
- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”
- “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
- “You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
These dozen quotes encapsulate so much.
-Paul R. Rossi, CFA