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In his own words

Munger on Independence

29 sourced quotes. All themes

“Like Warren, I had a considerable passion to get rich. Not because I wanted Ferraris — I wanted the independence. I desperately wanted it.”
Janet Lowe, Damn Right! (2000) · 2000
“I want to swim as well as I can against the tides. I'm not trying to predict the tides.”
Daily Journal Corporation Annual Meeting (2022) · 2022 · where he said it ↗
“If you don't work hard at trying to remain rational and you're constantly floating along caring terribly about what other people think, you're almost sure to be carried to folly by the folly of the crowd.”
Outstanding Investor Digest, 2003 Wesco Financial AGM excerpts, via Kingswell ('Yet Another Munger Masterclass: The 2003 Wesco Financial AGM', https://www.kingswell.io/p/yet-another-munger-masterclass-the) and Investment Masters Class (http://mastersinvest.com/herdscrowdscontrariansquotes) · 2003 · as recalled

Wording approximate (from OID's 2003 Wesco excerpts).

“I don't love Ben Graham and his ideas the way Warren does. You have to understand, to Warren — who discovered him at such a young age and then went to work for him — Ben Graham's insights changed his whole life. But I have to say, Ben Graham had a lot to learn as an investor.”
Daily Journal Corp. annual meeting, Los Angeles, as told to Jason Zweig, "A Fireside Chat With Charlie Munger," The Wall Street Journal (2014) · 2014

Lightly trimmed from the 2014 fireside; the connective 'But I have to say' is editorial. He genuinely rated Graham below Buffett's veneration of him.

“This 'choose your idiot' form of news gathering I don't much like. I flip back and forth between idiot types. I will not stay with just one type of idiot.”
Daily Journal Corporation annual meeting, 2018 · 2018 · where he said it ↗
“I'd argue that rationality is a high moral duty. It's the idea that binds us all together.”
Whitney Tilson's notes, Wesco Financial annual meeting, Pasadena, May 11, 2006 (Munger's opening remarks) · 2006 · as recalled

From Whitney Tilson's contemporaneous meeting notes (reconstructed from memory, not a recording).

“It's bad to have an opinion you're proud of if you can't state the arguments for the other side better than your opponents.”
Whitney Tilson's notes, Wesco Financial annual meeting, Pasadena, May 11, 2006 (Q&A, 'Best-Loved Ideas That He's Destroyed Recently') · 2006
“The point of getting rich is so you don't have to need other people, so you don't have to get along with other people.”
Acquired podcast (Ben Gilbert & David Rosenthal), "Charlie Munger" episode (released Oct. 30, 2023) · 2023 · where he said it ↗
“I would rather throw a viper down my shirtfront than hire a compensation consultant.”
Berkshire Hathaway annual meeting, 2004 (morning session) · 2004 · where he said it ↗
“I also want to say proudly that we have no mission statement.”
Berkshire Hathaway annual meeting, 1998 (morning session) · 1998 · where he said it ↗
“Carl Icahn's a very able man, but he should not be running the world.”
Daily Journal Corporation annual meeting (March 25, 2015) · 2015 · where he said it ↗
“I have never had the slightest interest in owning gold. It's a much better life to work with businesses and people engaged in business. I can't imagine a worse crowd to deal with than a bunch of gold bugs.”
Berkshire Hathaway annual meeting, 2012 (morning session) · 2012 · where he said it ↗
“My definition of being properly educated is being right when the professor is wrong. Anybody can spit back what the professor tells you. The trick is to know when he's right and when he's wrong.”
Daily Journal Corporation annual meeting (2019) · 2019 · where he said it ↗
“What I like about Warren is the irreverence. We don't have automatic reverence for the pompous heads of all civilization.”
CNBC, "Buffett & Munger: A Wealth of Wisdom," interview with Becky Quick (with Warren Buffett), aired June 29, 2021 · 2021

On Buffett.

“If you stop to think about it, civilized man has always had soothsayers, shamans, faith healers, and God knows what all. The stock picking industry is four or five percent super-rational, disciplined people, and the rest of them are sort of like faith-healers or shamans.”
Daily Journal Corporation annual meeting (February 7, 2015) · 2015 · where he said it ↗
“That is one of our advantages as an insurer — we don't give a damn about lumpy results. Everyone else is trying to please Wall Street. This is not a small advantage.”
Wesco Financial annual meeting, 2000 (Pasadena), per Whitney Tilson's contemporaneous notes (May 15, 2000) · 2000

From Tilson's notes.

“Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional — it isn't the way things are normally done.”
Wesco Financial annual meeting, 2000 (Pasadena), per Whitney Tilson's contemporaneous notes (May 15, 2000) · 2000

From Tilson's notes.

“It is not usually the conscious malfeasance of your narrow professional adviser that does you in. Instead, your troubles come from his subconscious bias.”
"Practical Thought About Practical Thought?" (1996), reprinted in Poor Charlie's Almanack (Talk Four) · 1996
“Just because he's a horse's patoot, you don't have to be one too. You can reach out and grasp the model that better solves the overall problem.”
"A Lesson on Elementary, Worldly Wisdom, Revisited," Stanford Law School, April 19, 1996 (Poor Charlie's Almanack, Talk Three) · 1996 · where he said it ↗
“I don't play in a game where other people are wise and I am stupid. I look for a game where I am wise, and they are stupid. And believe me, it works better. God bless our stupid competitors. They make us rich.”
'Poor Charlie's Almanack'; closing line reaffirmed at the Daily Journal annual meeting, February 2020 · 2020 · where he said it ↗
“I don't like multitasking. I see these people doing three things at once, and I think, God what a terrible way that is to think. I am so stupid, though, I have to think hard about a thing for a long time. And the idea of multitasking my way to glory has never occurred to me.”
Berkshire Hathaway annual meeting, 2015 (internet/online-bridge exchange with Buffett) · 2015 · as recalled · where he said it ↗

From a single secondary transcript of the 2015 meeting.

“The general system for money management requires people to pretend that they can do something that they can't do, and to pretend to like it when they really don't. And I think that's a terrible way to spend your life, but it's very well paid.”
Berkshire Hathaway annual meeting, 2003 (afternoon session) · 2003 · where he said it ↗
“Warren wants the odds in his favor, not somebody else. It's just so simple if you're Warren. You want to be the house, not the punter.”
Acquired podcast (Ben Gilbert & David Rosenthal), "Charlie Munger" episode, 2023 · 2023 · where he said it ↗

Of Buffett's approach; 'punter' is British slang for a bettor.

“I did not intend to get rich. I wanted to get independent. I just overshot. And by the way, while you're clapping, some of the overshooting was accidental.”
A Conversation with Charlie Munger, Ross School of Business, University of Michigan (Dean Scott DeRue), 2017 · 2017 · where he said it ↗
“The people who think they know exactly what's going to happen and how many people are going to die from tropical diseases and so forth are mostly talking through their hats. I think there's a class of people who like the idea they've got a calamity to worry about.”
Berkshire Hathaway annual meeting, 2014 (morning session) · 2014 · where he said it ↗

From a climate exchange — he granted 'there plainly is' some warming, but objected to forecasters overclaiming.

“I sometimes say that Alan Greenspan overdosed on Ayn Rand when he was young. He thought if an ax murder happened in a free market, it was probably all for the best.”
Berkshire Hathaway annual meeting, 2012 (afternoon session) · 2012 · where he said it ↗

On the 2008 crisis and the failure to 'step on the boom.'

“I don't think there are good arguments against my position. I think the people who oppose my position are idiots.”
Daily Journal Corporation annual meeting (February 15, 2023) · 2023 · where he said it ↗

On crypto, when pressed to argue the opposing view.

“My final word of advice would be, if this gives you a little temporary unpopularity in your peer group, the hell with them.”
Berkshire Hathaway annual meeting, 2004 (afternoon session) · 2004 · where he said it ↗
“The board is a safety valve in case I go completely crazy and Warren doesn't do anything about it.”
Wesco Financial annual meeting, 2007 (Pasadena), per Whitney Tilson's notes (May 9, 2007), on the role of Berkshire's board · 2007 · where he said it ↗

From Tilson's notes.