Your life must focus on the maximization of objectivity.
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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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.
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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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Never, ever, think about something else when you should be thinking about the power of incentives.
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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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The safest way to get what you want is to deserve what you want.
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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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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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The best thing a human being can do is to help another human being know more.
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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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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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A great business at a fair price is superior to a fair business at a great price.
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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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Acknowledging what you don’t know is the dawning of wisdom.
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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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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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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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It’s not greed that drives the world, but envy.
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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.
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To the man with only a hammer, every problem looks like a nail.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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If you can buy the best companies, over time the pricing takes care of itself.
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Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
CHARLIE MUNGER