I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGERAcknowledging what you don’t know is the dawning of wisdom.
More Charlie Munger Quotes
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Acknowledging what you don’t know is the dawning of wisdom.
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Great investing requires a lot of delayed gratification.
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The best thing a human being can do is to help another human being know more.
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A lot of our respected financial institutions are just casinos in drag.
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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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Knowing what you don’t know is more useful than being brilliant.
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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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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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Intelligent people make decisions based on opportunity costs.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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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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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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Investing is where you find a few great companies and then sit on your ass.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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We don’t like trading agony for money
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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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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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.
CHARLIE MUNGER