Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGERWhenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
More Charlie Munger Quotes
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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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Someone will always be getting richer faster than you. This is not a tragedy.
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Show me the incentive and I will show you the outcome.
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Go to bed smarter than when you woke up.
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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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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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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 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.
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Investing is where you find a few great companies and then sit on your ass.
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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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We don’t like trading agony for money
CHARLIE MUNGER