We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGEROpportunity comes to the prepared mind.
More Charlie Munger Quotes
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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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Intelligent people make decisions based on opportunity costs.
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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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Go to bed smarter than when you woke up.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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Your life must focus on the maximization of objectivity.
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Opportunity comes to the prepared mind.
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To the man with only a hammer, every problem looks like a nail.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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There is bound to be a regression toward the mean.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
CHARLIE MUNGER