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 MUNGERI 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.
More Charlie Munger Quotes
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Intelligent people make decisions based on opportunity costs.
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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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The big money is not in the buying and selling, but in the waiting.
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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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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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Great investing requires a lot of delayed gratification.
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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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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.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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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.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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Someone will always be getting richer faster than you. This is not a tragedy.
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Acknowledging what you don’t know is the dawning of wisdom.
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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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.
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Opportunity comes to the prepared mind.
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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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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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The safest way to get what you want is to deserve what you want.
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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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Knowing what you don’t know is more useful than being brilliant.
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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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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.
CHARLIE MUNGER