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The big money is not in the buying and selling, but in the waiting.

Charlie Munger

I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
CHARLIE MUNGER

Learning Mistake People Stupidity Trick Wonderful
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself
Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
CHARLIE MUNGER

Easy Family Life Rich Time Yourself
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER

Life Mental Person Ruin Thinking Yourself
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER

Cost Decision Intelligence Opportunity People
It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
CHARLIE MUNGER

Average Cash Character Money Myself Opportunity
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGER

Aggression Meaning People Success Time Worry
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
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.
CHARLIE MUNGER

Fall Learning Life Open People School Success Yourself
The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
CHARLIE MUNGER

Average Definition Life Marketing Myself People Result Rule
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.
CHARLIE MUNGER

Money Myself Situation Worst
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.
CHARLIE MUNGER

Advantage Basic Discipline Move Yourself
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.
CHARLIE MUNGER

Enough Gamble Investment Price Value
Step by step you get ahead, but rarely in fast spurts.
CHARLIE MUNGER

Fast Rare Yourself
If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER

Conduct Fools Service Yourself
The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGER

Game Last Learning Life Win Yourself

The big money is not in the buying and selling, but in the waiting.

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The big money is not in the buying and selling, but in the waiting.

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