The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGERIt 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.
More Charlie Munger Quotes
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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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Your life must focus on the maximization of objectivity.
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To the man with only a hammer, every problem looks like a nail.
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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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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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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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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 don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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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If you can buy the best companies, over time the pricing takes care of itself.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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It’s not greed that drives the world, but envy.
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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.
CHARLIE MUNGER