Buffett's long-time partner Charlie Munger, vice chairman of Berkshire Hathaway, passed away on Tuesday local time at the age of 99.
Following news of Charlie Munger's death, people honored the iconic investor by passing on their favorite quotes.
“If I stay optimistic when I'm dying, the rest of you will definitely be able to handle a little bit of inflation.”
This is one of Munger's many memorable playful words circulating on social media after his death (around 2010).
Although Munger has left us, the wealth of financial advice and everyday wisdom put forth by this prolific writer and investor over the past few decades on paper or at Berkshire Hathaway's annual meetings will continue to circulate.
Here are a few quotes from Munger about investing and how to make the most of life:
1. “Lifelong learning is critical to long-term success.”
2. “If I stay optimistic when I'm dying, the rest of you will definitely be able to handle a little bit of inflation.” This phrase comes from Berkshire Hathaway's 2010 Annual General Meeting of Shareholders.
3. “If you are unwilling to calmly deal with a 50% drop in market prices two to three times in a century, then you are unfit to become a common shareholder; you should get mediocre results.”
4. Munger's formula for success in this passage: “Very simple. You spend less than you earn. Invest wisely, avoid harmful people and harmful activities, live and learn until old, etc. Do a lot of things that put off immediate pleasures because you like that kind of life. If you do all of these things, you'll almost certainly succeed. If you can't do that, you'll need a lot of luck.”
5. Or as Buffett wrote in 2015: “In my opinion, Charlie's most important architectural achievement was designing Berkshire today. The blueprint he gave me was simple: 'Forget what you know to buy a fair business at a great price; instead, buy a good business at a reasonable price. '”
6. “The best one person can do is help another person learn more.”
7. “The world is not driven by greed, but by jealousy,” he said at the “Daily Journal” (Daily Journal) annual conference last year. “In my own life, I have overcome jealousy. I don't envy anyone. I don't care what others have. But others are being driven insane by it.”
8. “The best armor for old age is the good life lived until then.” From the book “The Way of Charlie Munger: A Compilation of Berkshire Hathaway's Quotations on Life, Business, and the Pursuit of Wealth,” author David Clarkhis (David Clarkhis).