Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGERA great business at a fair price is superior to a fair business at a great price.
More Charlie Munger Quotes
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The game of life is the game of everlasting learning. At least it is if you want to win.
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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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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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The best thing a human being can do is to help another human being know more.
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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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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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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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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All I want to know is where I’m going to die, so I’ll never go there.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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If 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.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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I’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.
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A great business at a fair price is superior to a fair business at a great price.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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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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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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Acknowledging what you don’t know is the dawning of wisdom.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER