I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGERThere is bound to be a regression toward the mean.
More Charlie Munger Quotes
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Someone will always be getting richer faster than you. This is not a tragedy.
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The big money is not in the buying and selling, but in the waiting.
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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 -
A great business at a fair price is superior to a fair business at a great price.
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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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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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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 -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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Great investing requires a lot of delayed gratification.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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Knowing what you don’t know is more useful than being brilliant.
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Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
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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.
CHARLIE MUNGER -
You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
CHARLIE MUNGER