It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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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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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The big money is not in the buying and selling, but in the waiting.
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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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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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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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Acknowledging what you don’t know is the dawning of wisdom.
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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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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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A lot of our respected financial institutions are just casinos in drag.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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Go to bed smarter than when you woke up.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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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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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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Step by step you get ahead, but rarely in fast spurts.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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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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Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
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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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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
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Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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To the man with only a hammer, every problem looks like a nail.
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Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER