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 MUNGERThere’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 MUNGERTo the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGERI try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGERMove 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 MUNGERInvesting is where you find a few great companies and then sit on your ass.
CHARLIE MUNGERMost people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGERThe more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGERYou’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.
CHARLIE MUNGERI think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGERPeople always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGERNever, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGERIf you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGERAcknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGERGreat investing requires a lot of delayed gratification.
CHARLIE MUNGERTo 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.
CHARLIE MUNGERThe 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