Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGERHard work, honesty, if you keep at it, will get you almost anything.
More Charlie Munger Quotes
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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If you can buy the best companies, over time the pricing takes care of itself.
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The best thing a human being can do is to help another human being know more.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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Step by step you get ahead, but rarely in fast spurts.
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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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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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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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A great business at a fair price is superior to a fair business at a great price.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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The safest way to get what you want is to deserve what you want.
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We don’t like trading agony for money
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Your life must focus on the maximization of objectivity.
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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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A lot of our respected financial institutions are just casinos in drag.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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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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It’s not greed that drives the world, but envy.
CHARLIE MUNGER