If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGERA lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
More Charlie Munger Quotes
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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 me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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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.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Knowing what you don’t know is more useful than being brilliant.
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It’s not greed that drives the world, but envy.
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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.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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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Your life must focus on the maximization of objectivity.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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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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Intelligent people make decisions based on opportunity costs.
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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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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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Step by step you get ahead, but rarely in fast spurts.
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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.
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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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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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.
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