I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGERWe have found in a long life that one competitor is frequently enough to ruin a business.
More Charlie Munger Quotes
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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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To the man with only a hammer, every problem looks like a nail.
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People always underestimate the ability of earth to increase its carrying capacity.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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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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Great investing requires a lot of delayed gratification.
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Intelligent people make decisions based on opportunity costs.
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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A lot of our respected financial institutions are just casinos in drag.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGER






