It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGERThe iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
More Charlie Munger Quotes
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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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It’s not greed that drives the world, but envy.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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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Step by step you get ahead, but rarely in fast spurts.
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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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Acknowledging what you don’t know is the dawning of wisdom.
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To the man with only a hammer, every problem looks like a nail.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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 lot of our respected financial institutions are just casinos in drag.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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The safest way to get what you want is to deserve what you want.
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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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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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Knowing what you don’t know is more useful than being brilliant.
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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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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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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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.
CHARLIE MUNGER