There is bound to be a regression toward the mean.
CHARLIE MUNGERA lot of our respected financial institutions are just casinos in drag.
More Charlie Munger Quotes
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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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Go to bed smarter than when you woke up.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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The best thing a human being can do is to help another human being know more.
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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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The safest way to get what you want is to deserve what you want.
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Your life must focus on the maximization of objectivity.
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Step by step you get ahead, but rarely in fast spurts.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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People always underestimate the ability of earth to increase its carrying capacity.
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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.
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Knowing what you don’t know is more useful than being brilliant.
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Intelligent people make decisions based on opportunity costs.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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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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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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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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We don’t like trading agony for money
CHARLIE MUNGER