Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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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Show me the incentive and I will show you the outcome.
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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.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Great investing requires a lot of delayed gratification.
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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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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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Opportunity comes to the prepared mind.
CHARLIE MUNGER