Charlie Munger notes

• Knowing what you don’t know is more useful than being brilliant. 
• Acknowledging what you don’t know is the dawning of wisdom.
• It is remarkable how much long-term advantage people get like us by trying to be consistently not stupid, instead of trying to very intelligent. 
• Mimicking the herd, invites the regression to mean. 
• Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand. You must learn to handle mistakes and new facts that change the odds. 
• You’re looking for a mis-priced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mis-priced. That’s value investing. Good ideas are rare - When the odds are greatly in your favor, bet heavily. 
• When asked about success, Munger says, "I succeeded because I have a long attention span" 
• All humanity problems stem from man’s inability to sit quietly in a room alone.  - Pascal.
• I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.
• In business we often find that a winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables  - like the Costco discount warehouses.
• 5 year plans are disaster, they don’t account of new information and can not be flexible enough to consider new information. Detailed 5-year plans are as disastrous as overly-general 5 year plans. Isolate key variables that you need to maximize and minimize, and follow the agile path.
• Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day - if you live long enough - most people get what they deserve.
• Know the big ideas in the big disciplines and use them routinely = all of them, not just a few.
• There’s know way that you can live an adequate life without many mistakes. In face, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
• How you responds to failures defines us. 
• Thinking is a lot of work. My first thought is never my best thought. My first thought is always someone else’s; it’s always what I’ve already heard about the subject, always the conventional wisdom. 
• Choose your associates wisely.
• Work at hand is super important