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.
CHARLIE MUNGERThe more hard lessons you can learn vicariously rather than through your own hard experience, the better.
More Charlie Munger Quotes
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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Intelligent people make decisions based on opportunity costs.
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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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Opportunity comes to the prepared mind.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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Go to bed smarter than when you woke up.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER