Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGERKnowing what you don’t know is more useful than being brilliant.
More Charlie Munger Quotes
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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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Great investing requires a lot of delayed gratification.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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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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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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To the man with only a hammer, every problem looks like a nail.
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Go to bed smarter than when you woke up.
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The safest way to get what you want is to deserve what you want.
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If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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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Step by step you get ahead, but rarely in fast spurts.
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Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER






