If the value of a company doesn’t just scream out at you, it’s too close.
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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Someone will always be getting richer faster than you. This is not a tragedy.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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 best thing a human being can do is to help another human being know more.
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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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Intelligent people make decisions based on opportunity costs.
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Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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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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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
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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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People always underestimate the ability of earth to increase its carrying capacity.
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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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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER