20 Lessons from Charlie Munger on Life and Investing

"Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's - I wanted the independence. I desperately wanted it."

"Live within your income and save so you can invest."

"To get what you want, you have to deserve what you want."

"Develop into a lifelong self learner through voracious reading; cultivate curiosity and strive to become a little wiser every day."

"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 - at how much I read. They think I'm a book with a couple of legs sticking out."

"Those who keep learning will keep rising in life."

"Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day - if you live long enough - like most people, you will get out of life what you deserve."

"Acknowledging what you don't know is the dawning of wisdom."

"No wise pilot, no matter how great his talent and experience, fails to use a checklist."

"The first rule of compounding: Never interrupt it unnecessarily."

"Opportunity comes to the prepared mind."

"The big money is not in buying or selling, but in the waiting."

"It's waiting that helps you as an investor and a lot of people just can't stand to wait."

"A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, ..."

"There is no way you can live an adequate life without making mistakes."

"People calculate too much and think too little."

"It takes character to sit with all that cash and to do nothing. I didn't get to the top where I am by going after mediocre opportunities."

"Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat."

"All I want to know is where I'm going to die so I'll never go there."

"How to find a good spouse? The best single way is to deserve a good spouse."