I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGERCommon stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
More Charlie Munger Quotes
-
-
If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER -
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER -
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER -
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
CHARLIE MUNGER -
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
CHARLIE MUNGER -
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER -
How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER -
It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGER -
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER -
Knowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGER