Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGERMost people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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 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 MUNGERInvesting is where you find a few great companies and then sit on your ass.
CHARLIE MUNGERI’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGERI believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
CHARLIE MUNGERI’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.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
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 MUNGERTo the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGERGreat investing requires a lot of delayed gratification.
CHARLIE MUNGERThe investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
CHARLIE MUNGEROur experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGERIt never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
CHARLIE MUNGERNever, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGERShow me the incentive and I will show you the outcome.
CHARLIE MUNGER