How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGERSomeone will always be getting richer faster than you. This is not a tragedy.
More Charlie Munger Quotes
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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 not greed that drives the world, but envy.
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Hard work, honesty, if you keep at it, will get you almost anything.
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Go to bed smarter than when you woke up.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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Step by step you get ahead, but rarely in fast spurts.
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Great investing requires a lot of delayed gratification.
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A lot of our respected financial institutions are just casinos in drag.
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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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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 the value of a company doesn’t just scream out at you, it’s too close.
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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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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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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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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.
CHARLIE MUNGER