Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGERKnowing what you don’t know is more useful than being brilliant.
More Charlie Munger Quotes
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Hard work, honesty, if you keep at it, will get you almost anything.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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The best thing a human being can do is to help another human being know more.
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People always underestimate the ability of earth to increase its carrying capacity.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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A great business at a fair price is superior to a fair business at a great price.
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If you can buy the best companies, over time the pricing takes care of itself.
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Show me the incentive and I will show you the outcome.
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Great investing requires a lot of delayed gratification.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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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Step by step you get ahead, but rarely in fast spurts.
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If the value of a company doesn’t just scream out at you, it’s too close.
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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 think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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.
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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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If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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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.
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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 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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Go to bed smarter than when you woke up.
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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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Someone will always be getting richer faster than you. This is not a tragedy.
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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