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.
CHARLIE MUNGERThere’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
More Charlie Munger Quotes
-
-
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.
CHARLIE MUNGER -
If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER -
The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
CHARLIE MUNGER -
Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER -
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER -
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER -
To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
CHARLIE MUNGER -
We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER -
We don’t like trading agony for money
CHARLIE MUNGER -
It’s not greed that drives the world, but envy.
CHARLIE MUNGER -
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 MUNGER -
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER -
We try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGER