We try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGERYou must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
More Charlie Munger Quotes
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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.
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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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To the man with only a hammer, every problem looks like a nail.
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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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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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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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Your life must focus on the maximization of objectivity.
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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’m right, and you’re smart, and sooner or later you’ll see I’m right.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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Step by step you get ahead, but rarely in fast spurts.
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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.
CHARLIE MUNGER