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 MUNGERInvesting is where you find a few great companies and then sit on your ass.
More Charlie Munger Quotes
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Great investing requires a lot of delayed gratification.
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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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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
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Step by step you get ahead, but rarely in fast spurts.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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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.
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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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Investing is where you find a few great companies and then sit on your ass.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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Your life must focus on the maximization of objectivity.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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We don’t like trading agony for money
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The big money is not in the buying and selling, but in the waiting.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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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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Someone will always be getting richer faster than you. This is not a tragedy.
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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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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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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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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 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.
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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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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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