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

Charlie Munger

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
CHARLIE MUNGER

Easy Family Life Rich Time Yourself
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
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.
CHARLIE MUNGER

Fall Learning Life Open People School Success Yourself
If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER

Conduct Fools Service Yourself
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER

Appearance Man Problem Yourself
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGER

Aggression Meaning People Success Time Worry
Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER

Fast Rich Tragedy Yourself
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
CHARLIE MUNGER

Basic Habit Mental Reading Structure Wisdom
Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGER

Acknowledgement Beginning Wisdom Yourself
In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER

Known Life Myself People Reading Time Wisdom
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER

Best Destroy Ideas Love Wasted Time Yourself
A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER

Financial Institution Money Respect
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.
CHARLIE MUNGER

Hope Life Simplicity Time Win Work Yourself
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER

Gamble heavy Winning
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER

Confidence Myself People Question Reality Try

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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