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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Charlie Munger

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.
CHARLIE MUNGER

Broke Live Mistake Myself People Psychology Trick
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
CHARLIE MUNGER

Intelligence Job Ourselves World
I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
CHARLIE MUNGER

Lesson Myself Past Regret Time
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER

Life Mental Person Ruin Thinking Yourself
Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGER

Acknowledgement Beginning Wisdom Yourself
Go to bed smarter than when you woke up.
CHARLIE MUNGER

Bed Knowledge Learning Smart Wake Up Yourself
A great business at a fair price is superior to a fair business at a great price.
CHARLIE MUNGER

Business Choice Greatness Price
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

Admire Business Career Enjoyment People Respect Rule Work Yourself
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.
CHARLIE MUNGER

Business Goodness Mathematics Science Understand Yourself
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER

Focus Life Object Yourself
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.
CHARLIE MUNGER

Argument Myself Opinion Qualification Reach State Thinking
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

Argument Myself Opinion Side
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER

Myself Substitution Thinking Time
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
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.
CHARLIE MUNGER

Beginning Save Time Yourself

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

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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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