Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGERI 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.
More Charlie Munger Quotes
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Opportunity comes to the prepared mind.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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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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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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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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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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Your life must focus on the maximization of objectivity.
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The safest way to get what you want is to deserve what you want.
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The big money is not in the buying and selling, but in the waiting.
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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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Show me the incentive and I will show you the outcome.
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Intelligent people make decisions based on opportunity costs.
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Go to bed smarter than when you woke up.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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We don’t like trading agony for money
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Step by step you get ahead, but rarely in fast spurts.
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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 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.
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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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Great investing requires a lot of delayed gratification.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGER