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.
CHARLIE MUNGERIntelligent people make decisions based on opportunity costs.
More Charlie Munger Quotes
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Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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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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There is bound to be a regression toward the mean.
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Go to bed smarter than when you woke up.
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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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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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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The safest way to get what you want is to deserve what you want.
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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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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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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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Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER