There is bound to be a regression toward the mean.
CHARLIE MUNGERIt’s not greed that drives the world, but envy.
More Charlie Munger Quotes
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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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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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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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Great investing requires a lot of delayed gratification.
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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’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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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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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.
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We don’t like trading agony for money
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Knowing what you don’t know is more useful than being brilliant.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
CHARLIE MUNGER