We don’t like trading agony for money
CHARLIE MUNGERIf 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.
More Charlie Munger Quotes
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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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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The big money is not in the buying and selling, but in the waiting.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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.
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Knowing what you don’t know is more useful than being brilliant.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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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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A great business at a fair price is superior to a fair business at a great price.
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Opportunity comes to the prepared mind.
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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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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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Go to bed smarter than when you woke up.
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It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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.
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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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Great investing requires a lot of delayed gratification.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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.
CHARLIE MUNGER