When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGERKnowing what you don’t know is more useful than being brilliant.
More Charlie Munger Quotes
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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.
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Intelligent people make decisions based on opportunity costs.
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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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Your life must focus on the maximization of objectivity.
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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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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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It’s not greed that drives the world, but envy.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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If you can buy the best companies, over time the pricing takes care of itself.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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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A great business at a fair price is superior to a fair business at a great price.
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To the man with only a hammer, every problem looks like a nail.
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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 big money is not in the buying and selling, but in the waiting.
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We have found in a long life that one competitor is frequently enough to ruin a business.
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Opportunity comes to the prepared mind.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER