We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
More Charlie Munger Quotes
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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Intelligent people make decisions based on opportunity costs.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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It’s not greed that drives the world, but envy.
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To the man with only a hammer, every problem looks like a nail.
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People always underestimate the ability of earth to increase its carrying capacity.
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A great business at a fair price is superior to a fair business at a great price.
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Knowing what you don’t know is more useful than being brilliant.
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The best thing a human being can do is to help another human being know more.
CHARLIE MUNGER