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.
CHARLIE MUNGERThe 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.
More Charlie Munger Quotes
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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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It’s not greed that drives the world, but envy.
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Investing is where you find a few great companies and then sit on your ass.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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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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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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The best thing a human being can do is to help another human being know more.
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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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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.
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There is bound to be a regression toward the mean.
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Show me the incentive and I will show you the outcome.
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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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Knowing what you don’t know is more useful than being brilliant.
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Step by step you get ahead, but rarely in fast spurts.
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A lot of our respected financial institutions are just casinos in drag.
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We don’t like trading agony for money
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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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Acknowledging what you don’t know is the dawning of wisdom.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
CHARLIE MUNGER