Your life must focus on the maximization of objectivity.
CHARLIE MUNGERStep by step you get ahead, but rarely in fast spurts.
More Charlie Munger Quotes
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Never, ever, think about something else when you should be thinking about the power of incentives.
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Opportunity comes to the prepared mind.
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The safest way to get what you want is to deserve what you want.
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Great investing requires a lot of delayed gratification.
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There is bound to be a regression toward the mean.
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If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER -
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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It’s a good habit to trumpet your failures and be quiet about your successes.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Intelligent people make decisions based on opportunity costs.
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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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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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.
CHARLIE MUNGER