Intelligent people make decisions based on opportunity costs.
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 is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
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Hard work, honesty, if you keep at it, will get you almost anything.
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Great investing requires a lot of delayed gratification.
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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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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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There is bound to be a regression toward the mean.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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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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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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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.
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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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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.
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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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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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To the man with only a hammer, every problem looks like a nail.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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A great business at a fair price is superior to a fair business at a great price.
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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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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Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER