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.
CHARLIE MUNGERTo the man with only a hammer, every problem looks like a nail.
More Charlie Munger Quotes
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A lot of our respected financial institutions are just casinos in drag.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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Opportunity comes to the prepared mind.
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Step by step you get ahead, but rarely in fast spurts.
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Your life must focus on the maximization of objectivity.
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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To the man with only a hammer, every problem looks like a nail.
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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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We try more to profit from always remembering the obvious than from grasping the esoteric.
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To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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 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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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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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The best thing a human being can do is to help another human being know more.
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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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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.
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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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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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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 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.
CHARLIE MUNGER