The best thing a human being can do is to help another human being know more.
CHARLIE MUNGERCommon stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
More Charlie Munger Quotes
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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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It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
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It’s not greed that drives the world, but envy.
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Great investing requires a lot of delayed gratification.
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There is bound to be a regression toward the mean.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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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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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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We don’t like trading agony for money
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
CHARLIE MUNGER