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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.

Charlie Munger

People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER

Ability Capacity Carry Earth People
If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
CHARLIE MUNGER

Fall Learning Life Open People School Success Yourself
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
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
A great business at a fair price is superior to a fair business at a great price.
CHARLIE MUNGER

Business Choice Greatness Price
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
Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER

Fast Rich Tragedy Yourself
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER

Argument Best Challenge Force Ideas Love
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGER

Confirmation Experience Financial Preparation Result
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER

Cost Decision Intelligence Opportunity People
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.
CHARLIE MUNGER

Average Cash Character Money Myself Opportunity
I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGER

Avoid Development Habit Mental Race Training
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself

Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.

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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.

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Popular Authors

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