There is bound to be a regression toward the mean.
CHARLIE MUNGERWe don’t like trading agony for money
More Charlie Munger Quotes
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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Step by step you get ahead, but rarely in fast spurts.
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Intelligent people make decisions based on opportunity costs.
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Investing is where you find a few great companies and then sit on your ass.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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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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It’s not greed that drives the world, but envy.
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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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Opportunity comes to the prepared mind.
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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER