A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGERTo me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
More Charlie Munger Quotes
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The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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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 me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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The best thing a human being can do is to help another human being know more.
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Your life must focus on the maximization of objectivity.
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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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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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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 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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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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The safest way to get what you want is to deserve what you want.
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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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Opportunity comes to the prepared mind.
CHARLIE MUNGER