The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
CHARLIE MUNGERStock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
More Charlie Munger Quotes
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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A lot of our respected financial institutions are just casinos in drag.
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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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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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It’s not greed that drives the world, but envy.
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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’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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Go to bed smarter than when you woke up.
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To the man with only a hammer, every problem looks like a nail.
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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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Great investing requires a lot of delayed gratification.
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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 waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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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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The big money is not in the buying and selling, but in the waiting.
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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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The game of life is the game of everlasting learning. At least it is if you want to win.
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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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Opportunity comes to the prepared mind.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER