Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
CHARLIE MUNGERIf the value of a company doesn’t just scream out at you, it’s too close.
More Charlie Munger Quotes
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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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If you can buy the best companies, over time the pricing takes care of itself.
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There is bound to be a regression toward the mean.
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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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The big money is not in the buying and selling, but in the waiting.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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Go to bed smarter than when you woke up.
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Great investing requires a lot of delayed gratification.
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A great business at a fair price is superior to a fair business at a great price.
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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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The game of life is the game of everlasting learning. At least it is if you want to win.
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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.
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We have found in a long life that one competitor is frequently enough to ruin a business.
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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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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?”
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It’s not greed that drives the world, but envy.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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Someone will always be getting richer faster than you. This is not a tragedy.
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
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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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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
CHARLIE MUNGER