There is bound to be a regression toward the mean.
CHARLIE MUNGERThere is bound to be a regression toward the mean.
CHARLIE MUNGERI did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGERTo me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
CHARLIE MUNGERStock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGERHard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGERThe big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERYou’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
CHARLIE MUNGERWe don’t like trading agony for money
CHARLIE MUNGERYour life must focus on the maximization of objectivity.
CHARLIE MUNGERStep by step you get ahead, but rarely in fast spurts.
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.
CHARLIE MUNGERI 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.
CHARLIE MUNGERBull 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.
CHARLIE MUNGERIt’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.
CHARLIE MUNGERIf 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.
CHARLIE MUNGERTo the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER