I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
More Charlie Munger Quotes
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If the value of a company doesn’t just scream out at you, it’s too close.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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.
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Hard work, honesty, if you keep at it, will get you almost anything.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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Investing is where you find a few great companies and then sit on your ass.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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Go to bed smarter than when you woke up.
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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If you can buy the best companies, over time the pricing takes care of itself.
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Someone will always be getting richer faster than you. This is not a tragedy.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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Show me the incentive and I will show you the outcome.
CHARLIE MUNGER