If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
CHARLIE MUNGERGo to bed smarter than when you woke up.
More Charlie Munger Quotes
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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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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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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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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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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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Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
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There is bound to be a regression toward the mean.
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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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Opportunity comes to the prepared mind.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
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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.
CHARLIE MUNGER