To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGERWhy should it be easy to do something that, if done well, two or three times, will make your family rich for life?
More Charlie Munger Quotes
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There is bound to be a regression toward the mean.
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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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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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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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If the value of a company doesn’t just scream out at you, it’s too close.
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We have found in a long life that one competitor is frequently enough to ruin a business.
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Knowing what you don’t know is more useful than being brilliant.
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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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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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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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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 game of life is the game of everlasting learning. At least it is if you want to win.
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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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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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Your life must focus on the maximization of objectivity.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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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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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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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It’s a good habit to trumpet your failures and be quiet about your successes.
CHARLIE MUNGER