Your life must focus on the maximization of objectivity.
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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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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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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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Step by step you get ahead, but rarely in fast spurts.
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There is bound to be a regression toward the mean.
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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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Hard work, honesty, if you keep at it, will get you almost anything.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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All I want to know is where I’m going to die, so I’ll never go there.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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We don’t like trading agony for money
CHARLIE MUNGER