When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGERBull 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.
More Charlie Munger Quotes
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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Opportunity comes to the prepared mind.
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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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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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Your life must focus on the maximization of objectivity.
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Knowing what you don’t know is more useful than being brilliant.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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Someone will always be getting richer faster than you. This is not a tragedy.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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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.
CHARLIE MUNGER