I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGERYou must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
More Charlie Munger Quotes
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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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A lot of our respected financial institutions are just casinos in drag.
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Opportunity comes to the prepared mind.
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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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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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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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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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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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Acknowledging what you don’t know is the dawning of wisdom.
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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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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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Someone will always be getting richer faster than you. This is not a tragedy.
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Your life must focus on the maximization of objectivity.
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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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The best thing a human being can do is to help another human being know more.
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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 has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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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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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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Investing is where you find a few great companies and then sit on your ass.
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Step by step you get ahead, but rarely in fast spurts.
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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.
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We don’t like trading agony for money
CHARLIE MUNGER