Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGERIt’s a good habit to trumpet your failures and be quiet about your successes.
More Charlie Munger Quotes
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Intelligent people make decisions based on opportunity costs.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Investing is where you find a few great companies and then sit on your ass.
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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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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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Step by step you get ahead, but rarely in fast spurts.
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Great investing requires a lot of delayed gratification.
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There is bound to be a regression toward the mean.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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Knowing what you don’t know is more useful than being brilliant.
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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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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
CHARLIE MUNGER