We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER
Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
It 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.
CHARLIE MUNGER -
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER -
Great investing requires a lot of delayed gratification.
CHARLIE MUNGER -
Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
CHARLIE MUNGER -
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER -
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 -
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER -
Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGER -
Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER -
We don’t like trading agony for money
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
There is bound to be a regression toward the mean.
CHARLIE MUNGER -
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
CHARLIE MUNGER -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER