Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGERA 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?”
More Charlie Munger Quotes
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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 average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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Step by step you get ahead, but rarely in fast spurts.
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The best thing a human being can do is to help another human being know more.
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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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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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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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Knowing what you don’t know is more useful than being brilliant.
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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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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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If you can buy the best companies, over time the pricing takes care of itself.
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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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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Investing is where you find a few great companies and then sit on your ass.
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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.
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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Opportunity comes to the prepared mind.
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A lot of our respected financial institutions are just casinos in drag.
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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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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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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.
CHARLIE MUNGER