Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGERSpend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
More Charlie Munger Quotes
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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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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People always underestimate the ability of earth to increase its carrying capacity.
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If you can buy the best companies, over time the pricing takes care of itself.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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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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We don’t like trading agony for money
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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.
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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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Someone will always be getting richer faster than you. This is not a tragedy.
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Opportunity comes to the prepared mind.
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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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There is bound to be a regression toward the mean.
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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