Munger had no use for blame
“‘I told you so’ was not in [Charlie's] vocabulary.”
Investing
Warren Buffett's 2025 Thanksgiving letter to Berkshire shareholders, one of the letters in Berkshire Hathaway Shareholder Letters, 1971–2025.
Reaching old age takes great luck
“* * * * * * * * * * * Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it.”
The lucky rich seldom acknowledge it
“In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge.”
Where and how he was born
“In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse. I was born in 1930 healthy, reasonably intelligent, white, male and in America.”
Old age arrives unevenly, then stays
“I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.”
Ruling from the grave rarely works
“Ruling from the grave does not have a great record, and I have never had an urge to do so.”
A modest bar for good philanthropy
“[My children] simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy, recognizing these other methods of redistribution of wealth have shortcomings as well.”
Failing to act on declining CEOs
“One unpleasant reality: Occasionally, a wonderful and loyal CEO of the parent or a subsidiary will succumb to dementia, Alzheimer’s or another debilitating and long-term disease. Charlie and I encountered this problem several times and failed to act.”
Wealthy CEOs envy richer peers
“What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand.”
Living to deserve your own obituary
“Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.”
Money, publicity and power are not greatness
“Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government.”
Kindness is costless but priceless
“When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless.”
America's rewards are capricious and sometimes venal
“Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards.”