The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGEROpportunity comes to the prepared mind.
More Charlie Munger Quotes
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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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Someone will always be getting richer faster than you. This is not a tragedy.
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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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Show me the incentive and I will show you the outcome.
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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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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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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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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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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER