Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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Your life must focus on the maximization of objectivity.
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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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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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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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The safest way to get what you want is to deserve what you want.
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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.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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The best thing a human being can do is to help another human being know more.
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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.
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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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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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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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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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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.
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To the man with only a hammer, every problem looks like a nail.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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The 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.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER