Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
More Charlie Munger Quotes
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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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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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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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To the man with only a hammer, every problem looks like a nail.
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The safest way to get what you want is to deserve what you want.
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It’s not greed that drives the world, but envy.
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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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If you can buy the best companies, over time the pricing takes care of itself.
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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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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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All I want to know is where I’m going to die, so I’ll never go there.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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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 get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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If the value of a company doesn’t just scream out at you, it’s too close.
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There is bound to be a regression toward the mean.
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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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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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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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Opportunity comes to the prepared mind.
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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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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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There’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.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER