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It’s a good habit to trumpet your failures and be quiet about your successes.

Charlie Munger

There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
CHARLIE MUNGER

Broke Live Mistake Myself People Psychology Trick
I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
Show me the incentive and I will show you the outcome.
CHARLIE MUNGER

Investment Myself Result Yourself
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER

Confidence Myself People Question Reality Try
If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
CHARLIE MUNGER

Basic Habit Mental Reading Structure Wisdom
Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
CHARLIE MUNGER

Advantage Basic Discipline Move Yourself
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER

Focus Life Object 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
How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGER

Best Build Possible Rival True Yourself
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER

Cost Decision Intelligence Opportunity People
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER

Argument Best Challenge Force Ideas Love
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself
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
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER

Power Thinking Yourself
I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
CHARLIE MUNGER

Argument Myself Opinion Side

It’s a good habit to trumpet your failures and be quiet about your successes.

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It’s a good habit to trumpet your failures and be quiet about your successes.

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