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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.

Charlie Munger

All I want to know is where I’m going to die, so I’ll never go there.
CHARLIE MUNGER

Death Funny Myself Place
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

Enough Gamble Investment Price Value
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.
CHARLIE MUNGER

Investment Price Quality Simplicity Yourself
Knowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGER

Brilliant Unknown Wisdom Yourself
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

Alone Curiosity Learning Need Pass People Time
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.
CHARLIE MUNGER

Biology Evolution Investment Money Practice Prediction Thinking
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER

Ability Capacity Carry Earth People
In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER

Known Life Myself People Reading Time Wisdom
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER

Power Thinking Yourself
Opportunity comes to the prepared mind.
CHARLIE MUNGER

Mindset Opportunity Preparation
Hard work, honesty, if you keep at it, will get you almost anything.
CHARLIE MUNGER

Hard Work Honesty Yourself
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER

Company Scream Value Yourself
It’s a good habit to trumpet your failures and be quiet about your successes.
CHARLIE MUNGER

Failure Goodness Habit Quiet Success Yourself
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

Broke Live Mistake Myself People Psychology Trick
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

Attraction Nature Reward Rule Yourself
Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
CHARLIE MUNGER

Admire Business Career Enjoyment People Respect Rule Work Yourself

It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.

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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.

Related Topics

Popular Authors

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