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.
CHARLIE MUNGEROur 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.
More Charlie Munger Quotes
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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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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 best thing a human being can do is to help another human being know more.
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Your life must focus on the maximization of objectivity.
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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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A lot of our respected financial institutions are just casinos in drag.
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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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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Acknowledging what you don’t know is the dawning of wisdom.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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Great investing requires a lot of delayed gratification.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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Opportunity comes to the prepared mind.
CHARLIE MUNGER






