If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGERAny year that you don’t destroy one of your best-loved ideas is probably a wasted year.
More Charlie Munger Quotes
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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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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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We don’t like trading agony for money
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Someone will always be getting richer faster than you. This is not a tragedy.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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There is bound to be a regression toward the mean.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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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.
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Great investing requires a lot of delayed gratification.
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Bull 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.
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It’s not greed that drives the world, but envy.
CHARLIE MUNGER