Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGERIf 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.
More Charlie Munger Quotes
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Knowing what you don’t know is more useful than being brilliant.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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The big money is not in the buying and selling, but in the waiting.
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It’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.
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Acknowledging what you don’t know is the dawning of wisdom.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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People always underestimate the ability of earth to increase its carrying capacity.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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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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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Show me the incentive and I will show you the outcome.
CHARLIE MUNGER