Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGERIt’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
More Charlie Munger Quotes
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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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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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Show me the incentive and I will show you the outcome.
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Hard work, honesty, if you keep at it, will get you almost anything.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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Knowing what you don’t know is more useful than being brilliant.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
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There is bound to be a regression toward the mean.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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People always underestimate the ability of earth to increase its carrying capacity.
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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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We don’t like trading agony for money
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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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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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The safest way to get what you want is to deserve what you want.
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To the man with only a hammer, every problem looks like a nail.
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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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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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Your life must focus on the maximization of objectivity.
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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 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.
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Opportunity comes to the prepared mind.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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