Charlie Munger: it takes character to sit on cash and do nothing
Richard quoted Charlie Munger twice at a 2026 Family Office Club event. One line came after a talk about only playing the top 1 percent of hands. The other came during an on-stage interview about advice.
Patience as character
After lunch, Richard tied a Munger quote back to his poker point from the morning. Munger said it takes character to sit with cash and do nothing. He did not get to the top by chasing mediocre opportunities. Richard calls it another way to say the same thing: wait for the best deals.
Go where the fish are
Earlier, in an interview on stage, Richard quoted Munger's first rule of fishing: go where the fish are. Richard linked it to his slide on unfair advantages. Put yourself where the opportunities already gather.
How the two fit
Richard does not frame these as rules to memorize. Together they describe a habit. Be in the right place, then be patient enough to pass on the average deals that show up there.
In Richard's words
"He says, it takes character to sit with all of our cash and do nothing." (Richard C. Wilson, 2026 Family Office Club event)
"He says, the first rule of fishing is go where the fish are" (2026 Family Office Club event)
How to use this
- Hold cash on purpose when nothing meets your bar.
- Write down why you passed on a deal, so patience feels like a decision.
- Map where the best deals in your niche gather, and spend your time there.
- Do not treat activity as progress.
Questions and answers
What did Munger say about cash?
Richard quotes him as saying it takes character to sit with all of your cash and do nothing.
What is the first rule of fishing?
Go where the fish are, a Munger line Richard uses to explain unfair advantages.
How does this relate to top 1 percent hands?
Richard used the Munger quote to restate his point about only saying yes to the best opportunities.
Is doing nothing ever right?
In Munger's line as Richard tells it, waiting is a sign of character when no deal is good enough.