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.
CHARLIE MUNGERIt’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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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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Knowing what you don’t know is more useful than being brilliant.
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Go to bed smarter than when you woke up.
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A lot of our respected financial institutions are just casinos in drag.
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Intelligent people make decisions based on opportunity costs.
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Step by step you get ahead, but rarely in fast spurts.
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Hard work, honesty, if you keep at it, will get you almost anything.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
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Opportunity comes to the prepared mind.
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The big money is not in the buying and selling, but in the waiting.
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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.
CHARLIE MUNGER