Recently, the market has been really tough for the vast majority of investors.

When going through such a tough time, I can't help but think of what Charlie Munger said: For our generation, for those of us who practice value investing, which one of us didn't go through a long period of hardship? Just keep going, and you don't even need to be extremely smart.

He said that it's even harder for your generation to do investment than it was for us back then. Well, if it's hard, so be it. It wouldn't be interesting if it weren't difficult. Even if it's more challenging, don't lose heart.

Expressing the most profound truths in the simplest words is exactly why so many people like Munger.

Unlike Warren Buffett, Munger has dabbled in more fields and talked about a wider range of life lessons.

Today, I'd like to share 50 quotes from Charlie Munger with you. Maybe it's difficult to learn from Munger, but these golden sayings can always offer new insights every time you read them.

Waiting for a mistake won't make it better.

1.There are two kinds of mistakes: First, doing nothing; second, only buying a tiny amount of something that you should have bought in large quantities.
2.If it's obvious that it's a mistake, then correct it quickly. It won't get better while you're waiting.
3.It's better to learn profound lessons from others' tragic experiences than from your own.
4.If you want to improve your cognitive ability, then forgetting your own mistakes is itself a terrible mistake.
5.It's better for you to talk more about your failure experiences and brag less about your success stories.

Admitting that you don't understand something means the dawn of wisdom is coming.

6. Smart people can also fall victim to the disaster of overconfidence. They think they have stronger abilities, so they often find themselves struggling on a more difficult path.
7. Don't fool yourself, and remember that you are the easiest person to be fooled by yourself.
8. Admitting that you don't understand something means the dawn of wisdom is approaching.
9. You don't have to be extremely outstanding. Just staying a little bit smarter than others for a very, very long time is enough.
10. We never try to be extremely smart people. Instead, we keep trying not to become fools. Over time, people like us can gain a huge advantage.

If you ask whether you've gone beyond your circle of competence, it means you're already outside the circle.

11. If you play games that others are good at but you know nothing about, then you're doomed to fail miserably.
12. At Berkshire Hathaway, Buffett and I won't do things that others can do better. If you don't know where your advantage lies, you can't be said to truly have strength.
13. If you can't persuade the other party better than your opponent, it means your understanding is not deep enough.
14. If you ask whether you've gone beyond your circle of competence, it means you're already outside the circle.

Keep challenging your "favorite ideas"

15. Continuously challenge and actively correct your "favorite ideas".
16. Part of the reason why I'm more successful than most people is that I'm good at destroying my own favorite ideas.
17. Face the reality, even if you don't like it—especially when you don't like it.
18. Looking for evidence in doubtful aspects is a good way to eliminate ignorance. However, when everyone expresses their opinions, they already believe in their own beliefs. I've always known this. Therefore, I won't speak out easily.

I've achieved what I have today by not chasing mediocre opportunities.

19. Only people with character can sit there with cash and do nothing. I've achieved what I have today by not chasing mediocre opportunities.
20. If you're not fully prepared in advance, you won't have the courage to seize the opportunity when it comes.
21. Anytime you just sit there waiting for opportunities to come to you, you're putting yourself in a dangerous situation.
22. If a thing isn't worth doing, it's useless to do it well.
23. Our success is not because we're good at solving difficult problems, but because we're good at staying away from them.
24. It's much better to firmly grasp a few promising opportunities than to pretend to know everything. Starting with something feasible gives you a much greater chance of success.
25. We're constantly looking for companies worth acquiring, and we don't deal with those who come to sell things. If you just sit there waiting for deals to come to you, then your position is very precarious.

Only among a group of reliable people can there be proper trust.

26. Avoiding dealing with villains can save you from great misfortune, and getting to know gentlemen can bring you great happiness. 
27. Only among a group of reliable people can there be proper trust.
28. The most reliable way to get something you want is to make yourself worthy of it.
29. Don't wrestle with a pig because you'll get all dirty, while the pig will enjoy it.

Good morals and a good moral reputation are priceless treasures.

30. Remember, reputation and integrity are your most valuable assets, and they can be lost in an instant.
31. If being aboveboard can bring higher returns, will it still be praised? Those truly worthy of praise are the people who are upright and aboveboard even when they suffer.
32. Strengthening rationality isn't something you can choose to do or not do; it's a moral obligation that you need to fulfill as much as possible.
33. There's a saying that's always true: Rationality steers clear of those in a fit of anger.
34. What is rationality? It's seeing the world as it is, not as you wish it to be. This is the most important thing.
35. We hope that the impression we leave on others is that we earn money cleanly and don't waste it. This is the right way.

Being full of complaints and blaming others is a big taboo in life.

36. Jealousy, resentment, hatred, and self-pity are all disastrous mental states. Excessive self-pity can make people almost paranoid, and paranoia is one of the hardest things to reverse.
37. Once you've found an effective way to make money, caring that others make money faster than you is just crazy in my view.
38. Don't worry too much about things you can't change. Being full of complaints and blaming others is a big taboo in life.
39. Don't envy others' success. Just do things properly. If Berkshire Hathaway were really that smart, it might not be as successful as it is today.

Think simply and act seriously.

40. People underestimate the importance of those simple yet profound truths.
41. Traditional principles are reliable. All those traditional virtues can benefit you throughout your life.
42. Think simply about everything and act seriously.
43. My goal for myself is to pursue common sense that ordinary people don't have.
44. The intellectual giants I've encountered are in books, not in school.

Life is not just about shrewdly accumulating wealth.

45. My way of dealing with the world is to see through the stupidest things and stay away from them.
46. There's the simplest truth in life: When you do something right, keep doing it.
47. Try to be a little smarter when you go to bed than when you wake up. Complete your tasks seriously and excellently.
48. If the only success in life is getting rich by buying stocks, then it's a failed life. Life is not just about shrewdly accumulating wealth.
49. For those of us who practice value investing, which one of us didn't go through a long period of hardship? Just keep going, and you don't even need to be extremely smart. Among our generation, those who persevered have all been successful.
50. A friend of mine said that when you're old, the best thing is that when you wake up every morning, there's nothing new that will make you feel miserable.