Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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Show me the incentive and I will show you the outcome.
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Acknowledging what you don’t know is the dawning of wisdom.
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There is bound to be a regression toward the mean.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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It’s not greed that drives the world, but envy.
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The big money is not in the buying and selling, but in the waiting.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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Knowing what you don’t know is more useful than being brilliant.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
CHARLIE MUNGER