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Opportunity comes to the prepared mind.

Charlie Munger

I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
CHARLIE MUNGER

Learning Mistake People Stupidity Trick Wonderful
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 MUNGER

Average Cash Character Money Myself Opportunity
How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGER

Best Build Possible Rival True Yourself
All I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGER

Death Funny Myself Place
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

Argument Myself Opinion Side
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER

Avoid Development Habit Mental Race Training
Show me the incentive and I will show you the outcome.
CHARLIE MUNGER

Investment Myself Result Yourself
The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
CHARLIE MUNGER

Average Definition Life Marketing Myself People Result Rule
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER

Attention Intelligence Life Myself Success Time
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.
CHARLIE MUNGER

Head Marketing People Rise Start Thinking World Yourself
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself
If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER

Best Care Company Price Time Yourself
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
We don’t like trading agony for money
CHARLIE MUNGER

Agony Money Trade
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

Opportunity comes to the prepared mind.

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Opportunity comes to the prepared mind.

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