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.
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
-
-
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER -
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 -
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.
CHARLIE MUNGER -
We don’t like trading agony for money
CHARLIE MUNGER -
I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
CHARLIE MUNGER -
Step by step you get ahead, but rarely in fast spurts.
CHARLIE MUNGER -
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER -
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER -
A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
CHARLIE MUNGER -
Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER -
Go to bed smarter than when you woke up.
CHARLIE MUNGER -
It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
You’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 MUNGER -
Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGER -
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER -
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER -
If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER -
Opportunity comes to the prepared mind.
CHARLIE MUNGER -
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 -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER -
All I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGER -
If 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 MUNGER -
We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER