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Charlie Munger is Warren Buffet's long-time investment partner at Berkshire Hathway. He's less well-known than Buffet. But he too is a genius at investing.

At the latest Woodstock for Capitalists--the Berkshire Hathaway annual meeting--Munger made some comments captured by an article at Morningstar.

Here's Munger on constant learning:

"The key to success is to continue learning throughout your life with a voracious appetite. Munger later circled back to this topic when he said the best way to gain wisdom was by 'sitting on your [behind] and reading all day.'"

The reporter took notes on some thoughts by Munger on living well:

-- Munger stated that many smart people handicapped themselves with "nuttiness." One example is being an "extreme ideologue," which is the equivalent of "having taken your brain and started pounding it with a hammer."

-- Your life must focus on the "maximization of objectivity."

-- "You must learn the method of learning."

-- "It is totally unproductive to think the world has been unfair to you. Every tough stretch is an opportunity."

-- "You can get away with more than you deserve in life by being slightly more rational."

-- "I'm not going to complain about my age because without it, I'd be dead."

About the author

Chris Farrell is the economics editor of Marketplace Money.

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