Charlie Munger Ass Quotations

If it is wisdom you're after, you're going to spend a lot of time on your ass reading.

I call myself the assistant cult leader.

We have a passion for keeping things simple.

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

The liabilities are always 100 percent good. It's the assets you have to worry about.

Investing is where you find a few great companies and then sit on your ass.

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.

If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That's hard. But if you buy a few great companies, then you can sit on your ass. That's a good thing.

You have a real asset-price bubble in places like parts of California and the suburbs of Washington, D.C.

"[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator."

Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.