If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGERHard work, honesty, if you keep at it, will get you almost anything.
More Charlie Munger Quotes
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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Step by step you get ahead, but rarely in fast spurts.
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People always underestimate the ability of earth to increase its carrying capacity.
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Knowing what you don’t know is more useful than being brilliant.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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Go to bed smarter than when you woke up.
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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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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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To the man with only a hammer, every problem looks like a nail.
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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER