In his own words · Avoiding stupidity

“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. There must be some wisdom in the folk saying: 'It's the strong swimmers who drown.'”

— Charlie Munger · Poor Charlie's Almanack

As recalled from Poor Charlie's Almanack — the sense is right but the wording is not verbatim.

Extended form as printed in the Almanack; the first sentence is the widely quoted core.

More Munger on Avoiding stupidity

“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.”

Berkshire Hathaway annual meeting · where he said it ↗

“It's very difficult to invest money well, and I think it's all but impossible to do it time after time after time in venture capital. Some of the deals get so hot, and you have to decide so quickly, that you're all just sort of gambling.”

Acquired podcast, October 2023 · 2023 · where he said it ↗

“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. People are trying to be smart — all I am trying to do is not to be idiotic, but it's harder than most people think.”

Attributed to Munger; Berkshire/Wesco meetings · as recalled · where he said it ↗

“We try more to profit from always remembering the obvious than from grasping the esoteric.”

Wesco Financial 1989 annual report (Poor Charlie's Almanack) · 1989

From Munger's Wesco chairman's letter; it immediately precedes the famous 'consistently not stupid' line.

All avoiding stupidity quotes