Opportunity comes to the prepared mind.
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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It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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The best thing a human being can do is to help another human being know more.
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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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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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A lot of our respected financial institutions are just casinos in drag.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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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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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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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.
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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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Intelligent people make decisions based on opportunity costs.
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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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People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER