A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGERAll I want to know is where I’m going to die, so I’ll never go there.
More Charlie Munger Quotes
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Show me the incentive and I will show you the outcome.
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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.
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Intelligent people make decisions based on opportunity costs.
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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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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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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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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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There is bound to be a regression toward the mean.
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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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The way to win is to work, work, work, work and hope to have a few insights And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER