Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
CHARLIE MUNGERIt’s been my experience in life if you just keep thinking and reading, you don’t have to work.
More Charlie Munger Quotes
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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The best thing a human being can do is to help another human being know more.
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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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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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Hard work, honesty, if you keep at it, will get you almost anything.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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Knowing what you don’t know is more useful than being brilliant.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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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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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 -
We try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGER