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Great investing requires a lot of delayed gratification.

Charlie Munger

The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGER

Attraction Nature Reward Rule Yourself
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 MUNGER

Believe Best Master Myself People Smart
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself
You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
CHARLIE MUNGER

Learning Leaving Life Yourself
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.
CHARLIE MUNGER

Business Goodness Mathematics Science Understand Yourself
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER

Appearance Man Problem Yourself
If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER

Best Care Company Price Time Yourself
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
We don’t like trading agony for money
CHARLIE MUNGER

Agony Money Trade
Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
CHARLIE MUNGER

Biology Evolution Investment Money Practice Prediction Thinking
Knowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGER

Brilliant Unknown Wisdom Yourself
A great business at a fair price is superior to a fair business at a great price.
CHARLIE MUNGER

Business Choice Greatness Price
Step by step you get ahead, but rarely in fast spurts.
CHARLIE MUNGER

Fast Rare Yourself
A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
CHARLIE MUNGER

Enough Explanation Goodness Smart Talk Yourself
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
CHARLIE MUNGER

Accountability Information Life Master Planning Reality
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.
CHARLIE MUNGER

Amazing Consistency Easy Learning Principle See

Great investing requires a lot of delayed gratification.

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Great investing requires a lot of delayed gratification.

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