We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGERWe have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGERJust avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGERWe try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGERMove 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.
CHARLIE MUNGERCommon stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
CHARLIE MUNGERYou’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 MUNGERIf you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGERYou don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
CHARLIE MUNGERThis is a good life lesson: getting the right people into your system is the most important thing you can do.
CHARLIE MUNGERIt 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.
CHARLIE MUNGERWhen you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGERIf 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.
CHARLIE MUNGERYou’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.
CHARLIE MUNGERIt’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGERThe 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 MUNGERIt’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.
CHARLIE MUNGER