Munger’s remark argues against pursuing every possible financial advantage simply because it is available. The “last dollar” represents the extra gain that might be extracted from a transaction after a satisfactory outcome has already been achieved. His point is that maximising immediate profit is not always necessary or desirable.

The idea combines commercial judgement with ethical restraint. Leaving some benefit for the other party can help preserve goodwill, strengthen relationships and reduce the risks that come with appearing excessively demanding. In repeated dealings, these considerations may matter more than obtaining the greatest possible return from a single transaction.

More broadly, the quote reflects a distinction between having the power to take more and deciding that enough is enough. It presents restraint as a practical principle: successful decision-making can include recognising when additional gain offers less value than fairness, trust or a durable reputation.