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 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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We have found in a long life that one competitor is frequently enough to ruin a business.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Show me the incentive and I will show you the outcome.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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To the man with only a hammer, every problem looks like a nail.
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Intelligent people make decisions based on opportunity costs.
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We don’t like trading agony for money
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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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Step by step you get ahead, but rarely in fast spurts.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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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.
CHARLIE MUNGER