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 MUNGERThe 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.
More Charlie Munger Quotes
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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.
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There is bound to be a regression toward the mean.
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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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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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If the value of a company doesn’t just scream out at you, it’s too close.
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Show me the incentive and I will show you the outcome.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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Intelligent people make decisions based on opportunity costs.
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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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We try more to profit from always remembering the obvious than from grasping the esoteric.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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Opportunity comes to the prepared mind.
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You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
CHARLIE MUNGER