Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGERAny year that you don’t destroy one of your best-loved ideas is probably a wasted year.
More Charlie Munger Quotes
-
-
This is a good life lesson: getting the right people into your system is the most important thing you can do.
CHARLIE MUNGER -
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER -
We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER -
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 -
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.
CHARLIE MUNGER -
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER -
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER -
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 -
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER -
A great business at a fair price is superior to a fair business at a great price.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
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 -
A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER -
It’s a good habit to trumpet your failures and be quiet about your successes.
CHARLIE MUNGER -
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