Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
CHARLIE MUNGEROur job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
More Charlie Munger Quotes
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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People always underestimate the ability of earth to increase its carrying capacity.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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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Great investing requires a lot of delayed gratification.
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The big money is not in the buying and selling, but in the waiting.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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Go to bed smarter than when you woke up.
CHARLIE MUNGER