Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGERIf the value of a company doesn’t just scream out at you, it’s too close.
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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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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To the man with only a hammer, every problem looks like a nail.
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Go to bed smarter than when you woke up.
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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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Great investing requires a lot of delayed gratification.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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Investing is where you find a few great companies and then sit on your ass.
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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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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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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.
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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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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
CHARLIE MUNGER