Knowing what you don’t know is more useful than being brilliant.
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.
More Charlie Munger Quotes
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Knowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGER -
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER -
I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
CHARLIE MUNGER -
Investing is where you find a few great companies and then sit on your ass.
CHARLIE MUNGER -
The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGER -
You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
CHARLIE MUNGER -
It’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 MUNGER -
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 MUNGER -
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
CHARLIE MUNGER -
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGER -
We try more to profit from always remembering the obvious than from grasping the esoteric.
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 -
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER -
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 -
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER