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 MUNGERGreat investing requires a lot of delayed gratification.
More Charlie Munger Quotes
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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People always underestimate the ability of earth to increase its carrying capacity.
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A lot of our respected financial institutions are just casinos in drag.
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Hard work, honesty, if you keep at it, will get you almost anything.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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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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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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To the man with only a hammer, every problem looks like a nail.
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All I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGER