Charlie Munger? Warren Buffett? Andrew Kilpatrick? Apocryphal?

Question for Quote Investigator: A famous investor once wrote about strategies for achieving wealth. The key was not concocting brilliant strategies; instead, the successful long-term investor triumphed by being “consistently not stupid”.
This notion has been attributed to U.S. businessman Charlie Munger. Would you please help me to find a citation?
Reply from Quote Investigator: Charlie Munger was the Chairman of the Board of the Wesco Financial Corporation, and the company’s annual reports often included letters from Munger. The 1989 annual report was released in 1990, and it contained a letter from Munger dated March 5, 1990. Boldface added to excerpts by QI:1
Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. 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”.
Our approach, while it has worked fairly well on average in the past and will probably work fairly well over the long-term future, is bound to encounter periods of dullness and disadvantage as it limits action.
Below are additional selected citations in chronological order.
Continue reading “Quote Origin: Trying To Be Consistently Not Stupid Instead of Trying To Be Very Intelligent”







