The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGERIt’s a good habit to trumpet your failures and be quiet about your successes.
More Charlie Munger Quotes
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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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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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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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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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All I want to know is where I’m going to die, so I’ll never go there.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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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.
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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.
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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.
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A lot of our respected financial institutions are just casinos in drag.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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.
CHARLIE MUNGER