The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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Intelligent people make decisions based on opportunity costs.
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Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
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Investing is where you find a few great companies and then sit on your ass.
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People always underestimate the ability of earth to increase its carrying capacity.
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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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Someone will always be getting richer faster than you. This is not a tragedy.
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Show me the incentive and I will show you the outcome.
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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 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.
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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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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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A lot of our respected financial institutions are just casinos in drag.
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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.
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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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Knowing what you don’t know is more useful than being brilliant.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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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.
CHARLIE MUNGER