"The big money is not in the buying or selling, but in the waiting.” It implies that the most substantial gains in investing aren't typically made by frequently buying and selling stocks or assets in an attempt to time the market or capitalise on short-term fluctuations. Instead, the significant wealth accumulation often comes from holding onto quality investments for extended periods, allowing time and the power of compounding to work in favor of the investor.

“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments.” This quote by Charlie Munger touches upon the notion that intelligence, as measured by IQ, doesn't necessarily correlate with success in investing. Munger suggested that having a high IQ alone doesn't make someone a good investor. In fact, some exceptionally intelligent individuals may perform poorly in the world of investing due to their behavioral tendencies or temperament.

“Spend each day trying to be a little wise than you were when you wake up.” The quote encapsulates the idea that every day offers an opportunity for self-improvement. Munger suggested that the pursuit of wisdom and knowledge should be a daily commitment. It encourages individuals to actively seek out new information, experiences, or insights that expand their understanding and perspective on various aspects of life.

"All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock.”This quote by Charlie Munger encapsulated the essence of value investing and emphasises the importance of understanding the value of a business when considering investments in its stock.

"It's so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification. If you do all those things, you are almost certain to succeed. If you don't, you're going to need a lot of luck." This emphasizes the importance of living within ones means. By keeping expenses below the income, one can create savings that can be invested for the future.

"Invest in a business any fool can run, because someday a fool will. If it won't stand a little mismanagement, it's not much of a business. We're not looking for mismanagement, even if we can withstand it." Charlie Munger's quote highlights the importance of investing in businesses that possess resilience and durability, even in the face of potential mismanagement.

"The best armor of old age is a well-spent life preceding it." Munger's focus on a fulfilling life before reaching old age emphasises the importance of making meaningful choices throughout one's lifetime.

"Every time you hear EBITDA, just substitute it with bulls." Munger's quote suggests skepticism about the significance or reliability of EBITDA as a useful metric. He was critical of the over-reliance or uncritical acceptance of EBITDA as a meaningful measure of a company's health.

"Simplicity has a way of improving performance by enabling us to better understand what we are doing." Munger's advocacy for simplicity in investing underscores the significance of clear understanding and execution of investment strategies.

"When you know you have an edge, you should bet heavily. They don't teach most people that in business school. It's insane. Of course you've got to bet heavily on your best bets." Charlie Munger's quote emphasises the concept of having conviction in the best ideas and taking substantial action when one has a clear advantage or edge.