The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERThe safest way to get what you want is to deserve what you want.
More Charlie Munger Quotes
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If you can buy the best companies, over time the pricing takes care of itself.
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The safest way to get what you want is to deserve what you want.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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Acknowledging what you don’t know is the dawning of wisdom.
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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 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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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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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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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You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
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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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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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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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A great business at a fair price is superior to a fair business at a great price.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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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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Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER