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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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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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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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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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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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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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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER