It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
CHARLIE MUNGEROur experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
More Charlie Munger Quotes
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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 -
The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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Your life must focus on the maximization of objectivity.
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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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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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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.
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Great investing requires a lot of delayed gratification.
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We don’t like trading agony for money
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Someone will always be getting richer faster than you. This is not a tragedy.
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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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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