The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
CHARLIE MUNGERIf you can buy the best companies, over time the pricing takes care of itself.
More Charlie Munger Quotes
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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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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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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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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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Great investing requires a lot of delayed gratification.
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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.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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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.
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If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER