I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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Your life must focus on the maximization of objectivity.
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If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.
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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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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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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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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 don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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.
CHARLIE MUNGER