The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGERNever, ever, think about something else when you should be thinking about the power of incentives.
More Charlie Munger Quotes
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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 MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
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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.
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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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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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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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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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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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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There is bound to be a regression toward the mean.
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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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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER