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.
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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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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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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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 try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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If you can buy the best companies, over time the pricing takes care of itself.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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We have found in a long life that one competitor is frequently enough to ruin a business.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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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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Step by step you get ahead, but rarely in fast spurts.
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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.
CHARLIE MUNGER