Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGERIt 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.
More Charlie Munger Quotes
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Your life must focus on the maximization of objectivity.
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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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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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A lot of our respected financial institutions are just casinos in drag.
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The big money is not in the buying and selling, but in the waiting.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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The best thing a human being can do is to help another human being know more.
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To the man with only a hammer, every problem looks like a nail.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER