Intelligent people make decisions based on opportunity costs.
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.
More Charlie Munger Quotes
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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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It 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.
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The big money is not in the buying and selling, but in the waiting.
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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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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The 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.
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Opportunity comes to the prepared mind.
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There is bound to be a regression toward the mean.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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Your life must focus on the maximization of objectivity.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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.
CHARLIE MUNGER