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If the value of a company doesn’t just scream out at you, it’s too close.

Charlie Munger

I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
CHARLIE MUNGER

Argument Myself Opinion Side
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.
CHARLIE MUNGER

Advantage Basic Discipline Move Yourself
Great investing requires a lot of delayed gratification.
CHARLIE MUNGER

Delay Gratitude Greatness Investment
If 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.
CHARLIE MUNGER

Alone Curiosity Learning Need Pass People Time
I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
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.
CHARLIE MUNGER

Argument Myself Opinion Qualification Reach State Thinking
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.
CHARLIE MUNGER

Biology Evolution Investment Money Practice Prediction Thinking
How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGER

Best Build Possible Rival True Yourself
It’s not greed that drives the world, but envy.
CHARLIE MUNGER

Drive Greedy Jealous World
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER

Avoid Development Habit Mental Race Training
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.
CHARLIE MUNGER

Hope Life Simplicity Time Win Work Yourself
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.
CHARLIE MUNGER

Money Myself Situation Worst
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
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.
CHARLIE MUNGER

Amazing Consistency Easy Learning Principle See
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER

Gamble heavy Winning
The safest way to get what you want is to deserve what you want.
CHARLIE MUNGER

Deserve Safety Way Worth Yourself

If the value of a company doesn’t just scream out at you, it’s too close.

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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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