Great investing requires a lot of delayed gratification.
CHARLIE MUNGERWe don’t like trading agony for money
More Charlie Munger Quotes
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To 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.
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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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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.
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The safest way to get what you want is to deserve what you want.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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It’s not greed that drives the world, but envy.
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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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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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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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Knowing what you don’t know is more useful than being brilliant.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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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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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
CHARLIE MUNGER