Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGERIn my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
More Charlie Munger Quotes
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A great business at a fair price is superior to a fair business at a great price.
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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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I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
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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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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’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
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It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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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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There is bound to be a regression toward the mean.
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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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Acknowledging what you don’t know is the dawning of wisdom.
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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.
CHARLIE MUNGER