It’s a good habit to trumpet your failures and be quiet about your successes.
CHARLIE MUNGERHow do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
More Charlie Munger Quotes
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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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Show me the incentive and I will show you the outcome.
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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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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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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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It’s not greed that drives the world, but envy.
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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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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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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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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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The best thing a human being can do is to help another human being know more.
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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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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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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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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.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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The big money is not in the buying and selling, but in the waiting.
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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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Great investing requires a lot of delayed gratification.
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If you can buy the best companies, over time the pricing takes care of itself.
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Hard work, honesty, if you keep at it, will get you almost anything.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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?’
CHARLIE MUNGER