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.
CHARLIE MUNGERIt 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.
More Charlie Munger Quotes
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Investing is where you find a few great companies and then sit on your ass.
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Opportunity comes to the prepared mind.
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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 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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Show me the incentive and I will show you the outcome.
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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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We don’t like trading agony for money
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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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Acknowledging what you don’t know is the dawning of wisdom.
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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.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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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.
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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.
CHARLIE MUNGER