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Investing is where you find a few great companies and then sit on your ass.

Charlie Munger

I’m right, and you’re smart, and sooner or later you’ll see I’m right.
CHARLIE MUNGER

Myself Right Smart Yourself
The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGER

Attraction Nature Reward Rule Yourself
If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
CHARLIE MUNGER

Business Goodness Mathematics Science Understand Yourself
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
You’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 MUNGER

Enough Gamble Investment Price Value
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER

Best Destroy Ideas Love Wasted Time Yourself
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.
CHARLIE MUNGER

Early Investment Life Myself People Win
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER

Ability Capacity Carry Earth People
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER

Appearance Man Problem Yourself
If the value of a company doesn’t just scream out at you, it’s too close.
CHARLIE MUNGER

Company Scream Value Yourself
The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
CHARLIE MUNGER

Big heavy Offering Oneself Opportunity Simplicity Time Wisdom World
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER

Myself Substitution Thinking Time
It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
CHARLIE MUNGER

Experience Life Reading Thinking Yourself
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.
CHARLIE MUNGER

Average Definition Life Marketing Myself People Result Rule
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
CHARLIE MUNGER

Hard Work Investment People Wait Yourself

Investing is where you find a few great companies and then sit on your ass.

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Investing is where you find a few great companies and then sit on your ass.

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