Our 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 MUNGERWhenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
More Charlie Munger Quotes
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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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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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Never, ever, think about something else when you should be thinking about the power of incentives.
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Great investing requires a lot of delayed gratification.
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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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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
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The safest way to get what you want is to deserve what you want.
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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.
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I 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.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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Investing is where you find a few great companies and then sit on your ass.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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It 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.
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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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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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The 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.
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Hard work, honesty, if you keep at it, will get you almost anything.
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If you can buy the best companies, over time the pricing takes care of itself.
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The big money is not in the buying and selling, but in the waiting.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER