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.
CHARLIE MUNGERIt’s not greed that drives the world, but envy.
More Charlie Munger Quotes
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The big money is not in the buying and selling, but in the waiting.
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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 success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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Step by step you get ahead, but rarely in fast spurts.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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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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Great investing requires a lot of delayed gratification.
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Go to bed smarter than when you woke up.
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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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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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All I want to know is where I’m going to die, so I’ll never go there.
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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People always underestimate the ability of earth to increase its carrying capacity.
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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?’
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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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There is bound to be a regression toward the mean.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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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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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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It’s not greed that drives the world, but envy.
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Show me the incentive and I will show you the outcome.
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER