The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERWhen you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
More Charlie Munger Quotes
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
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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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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Knowing what you don’t know is more useful than being brilliant.
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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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Acknowledging what you don’t know is the dawning of wisdom.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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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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The safest way to get what you want is to deserve what you want.
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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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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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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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A great business at a fair price is superior to a fair business at a great price.
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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 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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Investing is where you find a few great companies and then sit on your ass.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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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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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