"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."
— Charlie Munger
It Is Remarkable How Much Longterm
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
About this quote
Munger delivered this observation at the Wesco Financial annual meeting in 2002, where he served as chairman. The remark encapsulates his "inversion" philosophy: rather than seeking brilliance, focus on systematically avoiding stupidity and error. He often contrasted this approach with the overconfidence of those who believe they can identify exceptional opportunities, arguing that the avoidance of mistakes compounds into enormous advantage over time.
Source
Wesco Financial annual meeting, 2002
