We have found in a long life that one competitor is frequently enough to ruin a business.
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
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If you can buy the best companies, over time the pricing takes care of itself.
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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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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Acknowledging what you don’t know is the dawning of wisdom.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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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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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.
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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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People always underestimate the ability of earth to increase its carrying capacity.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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A lot of our respected financial institutions are just casinos in drag.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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To the man with only a hammer, every problem looks like a nail.
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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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Step by step you get ahead, but rarely in fast spurts.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
CHARLIE MUNGER -
Go to bed smarter than when you woke up.
CHARLIE MUNGER