Never, ever, think about something else when you should be thinking about the power of incentives.
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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Show me the incentive and I will show you the outcome.
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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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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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Your life must focus on the maximization of objectivity.
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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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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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Opportunity comes to the prepared mind.
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Great investing requires a lot of delayed gratification.
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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.
CHARLIE MUNGER