If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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Your life must focus on the maximization of objectivity.
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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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Great investing requires a lot of delayed gratification.
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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’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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Knowing what you don’t know is more useful than being brilliant.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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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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To the man with only a hammer, every problem looks like a nail.
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Opportunity comes to the prepared mind.
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We don’t like trading agony for money
CHARLIE MUNGER