Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGERJust avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGERIf the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGERWe don’t like trading agony for money
CHARLIE MUNGERKnowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGERAll I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGERStock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGERCommon stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
CHARLIE MUNGERSomeone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGERThe wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERAcknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGERMost people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGERInvesting is where you find a few great companies and then sit on your ass.
CHARLIE MUNGERIt’s not greed that drives the world, but envy.
CHARLIE MUNGERIn my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGERI think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER