The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
CHARLIE MUNGERIt’s not greed that drives the world, but envy.
More Charlie Munger Quotes
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The best thing a human being can do is to help another human being know more.
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A lot of our respected financial institutions are just casinos in drag.
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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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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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The safest way to get what you want is to deserve what you want.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER -
The game of life is the game of everlasting learning. At least it is if you want to win.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER -
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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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.
CHARLIE MUNGER -
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER -
There is bound to be a regression toward the mean.
CHARLIE MUNGER