The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERI did not succeed in life by intelligence. I succeeded because I have a long attention span.
More Charlie Munger Quotes
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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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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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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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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 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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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
CHARLIE MUNGER -
People always underestimate the ability of earth to increase its carrying capacity.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Show me the incentive and I will show you the outcome.
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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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The best thing a human being can do is to help another human being know more.
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Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGER -
Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER -
You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER