When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGERPeople always underestimate the ability of earth to increase its carrying capacity.
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 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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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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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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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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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 think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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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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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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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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.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER