Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGERThree 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.
More Charlie Munger Quotes
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People always underestimate the ability of earth to increase its carrying capacity.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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.
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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.
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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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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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Go to bed smarter than when you woke up.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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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.
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The best thing a human being can do is to help another human being know more.
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If you can buy the best companies, over time the pricing takes care of itself.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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.
CHARLIE MUNGER