If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGERIf you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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A great business at a fair price is superior to a fair business at a great price.
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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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Step by step you get ahead, but rarely in fast spurts.
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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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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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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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Acknowledging what you don’t know is the dawning of wisdom.
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The best thing a human being can do is to help another human being know more.
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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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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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Your life must focus on the maximization of objectivity.
CHARLIE MUNGER