Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGERKnowing what you don’t know is more useful than being brilliant.
More Charlie Munger Quotes
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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 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.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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The big money is not in the buying and selling, but in the waiting.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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.
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A lot of our respected financial institutions are just casinos in drag.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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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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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER