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A lot of our respected financial institutions are just casinos in drag.

Charlie Munger

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
Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGER

Acknowledgement Beginning Wisdom Yourself
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
In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER

Known Life Myself People Reading Time Wisdom
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER

Gamble heavy Winning
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
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGER

Aggression Meaning People Success Time Worry
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER

Argument Best Challenge Force Ideas Love
The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGER

Game Last Learning Life Win Yourself
Great investing requires a lot of delayed gratification.
CHARLIE MUNGER

Delay Gratitude Greatness Investment
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
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
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.
CHARLIE MUNGER

Investment Price Quality Simplicity Yourself
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.
CHARLIE MUNGER

Argument Myself Opinion Qualification Reach State Thinking
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER

Confidence Myself People Question Reality Try
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER

Myself Substitution Thinking Time

A lot of our respected financial institutions are just casinos in drag.

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A lot of our respected financial institutions are just casinos in drag.

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