black
grey
blue
red
brown
white

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.

Charlie Munger

You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER

Argument Best Challenge Force Ideas Love
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER

Avoid Development Habit Mental Race Training
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER

Life Mental Person Ruin Thinking Yourself
I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
CHARLIE MUNGER

Lesson Myself Past Regret Time
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER

Business Competition Enough Life Myself Ruin
Show me the incentive and I will show you the outcome.
CHARLIE MUNGER

Investment Myself Result Yourself
I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
CHARLIE MUNGER

Learning Mistake People Stupidity Trick Wonderful
It’s not greed that drives the world, but envy.
CHARLIE MUNGER

Drive Greedy Jealous World
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER

Attention Intelligence Life Myself Success Time
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.
CHARLIE MUNGER

Money Myself Situation Worst
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
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.
CHARLIE MUNGER

Early Investment Life Myself People Win
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.
CHARLIE MUNGER

Enough Gamble Investment Price Value

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.

Related Topics

Popular Authors

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.

Related Topics

Popular Authors

More Charlie Munger Quotes