Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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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The best thing a human being can do is to help another human being know more.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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People always underestimate the ability of earth to increase its carrying capacity.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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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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If you can buy the best companies, over time the pricing takes care of itself.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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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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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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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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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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You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
CHARLIE MUNGER