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.
CHARLIE MUNGERThere is bound to be a regression toward the mean.
More Charlie Munger Quotes
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A lot of our respected financial institutions are just casinos in drag.
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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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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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If the value of a company doesn’t just scream out at you, it’s too close.
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Show me the incentive and I will show you the outcome.
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We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
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The big money is not in the buying and selling, but in the waiting.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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People always underestimate the ability of earth to increase its carrying capacity.
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It’s not greed that drives the world, but envy.
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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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Opportunity comes to the prepared mind.
CHARLIE MUNGER