Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGERThe best thing a human being can do is to help another human being know more.
More Charlie Munger Quotes
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Knowing what you don’t know is more useful than being brilliant.
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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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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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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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A lot of our respected financial institutions are just casinos in drag.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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Acknowledging what you don’t know is the dawning of wisdom.
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Opportunity comes to the prepared mind.
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Show me the incentive and I will show you the outcome.
CHARLIE MUNGER -
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER