Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGERThere is bound to be a regression toward the mean.
More Charlie Munger Quotes
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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.
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It’s not greed that drives the world, but envy.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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There is bound to be a regression toward the mean.
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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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Knowing what you don’t know is more useful than being brilliant.
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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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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If you can buy the best companies, over time the pricing takes care of itself.
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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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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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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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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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The game of life is the game of everlasting learning. At least it is if you want to win.
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If the value of a company doesn’t just scream out at you, it’s too close.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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Step by step you get ahead, but rarely in fast spurts.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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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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A great business at a fair price is superior to a fair business at a great price.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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.
CHARLIE MUNGER