Acknowledging what you don’t know is the dawning of wisdom.
CHARLIE MUNGERInvesting is where you find a few great companies and then sit on your ass.
More Charlie Munger Quotes
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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Show me the incentive and I will show you the outcome.
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The big money is not in the buying and selling, but in the waiting.
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Great investing requires a lot of delayed gratification.
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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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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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Opportunity comes to the prepared mind.
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The 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.
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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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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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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.
CHARLIE MUNGER