Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
CHARLIE MUNGERIt’s been my experience in life if you just keep thinking and reading, you don’t have to work.
More Charlie Munger Quotes
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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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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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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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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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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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Investing is where you find a few great companies and then sit on your ass.
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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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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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Step by step you get ahead, but rarely in fast spurts.
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We don’t like trading agony for money
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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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It’s not greed that drives the world, but envy.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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All I want to know is where I’m going to die, so I’ll never go there.
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Intelligent people make decisions based on opportunity costs.
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Go to bed smarter than when you woke up.
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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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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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The game of life is the game of everlasting learning. At least it is if you want to win.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER