The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGERIf you can buy the best companies, over time the pricing takes care of itself.
More Charlie Munger Quotes
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Investing is where you find a few great companies and then sit on your ass.
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Knowing what you don’t know is more useful than being brilliant.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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.
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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 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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If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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People always underestimate the ability of earth to increase its carrying capacity.
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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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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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Your life must focus on the maximization of objectivity.
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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A lot of our respected financial institutions are just casinos in drag.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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.
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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.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER