Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGERHow do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
More Charlie Munger Quotes
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Your life must focus on the maximization of objectivity.
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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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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 believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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Acknowledging what you don’t know is the dawning of wisdom.
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Go to bed smarter than when you woke up.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER -
The big money is not in the buying and selling, but in the waiting.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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Intelligent people make decisions based on opportunity costs.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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Investing is where you find a few great companies and then sit on your ass.
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Bull 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 MUNGER