I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
More Charlie Munger Quotes
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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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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.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Intelligent people make decisions based on opportunity costs.
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People always underestimate the ability of earth to increase its carrying capacity.
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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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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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There is bound to be a regression toward the mean.
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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 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 been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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Go to bed smarter than when you woke up.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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.
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The best thing a human being can do is to help another human being know more.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
CHARLIE MUNGER