Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
CHARLIE MUNGERThe game of life is the game of everlasting learning. At least it is if you want to win.
More Charlie Munger Quotes
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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Acknowledging what you don’t know is the dawning of wisdom.
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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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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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Great investing requires a lot of delayed gratification.
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There is bound to be a regression toward the mean.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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Go to bed smarter than when you woke up.
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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.
CHARLIE MUNGER