Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
CHARLIE MUNGERThe investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
More Charlie Munger Quotes
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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Acknowledging what you don’t know is the dawning of wisdom.
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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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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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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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Intelligent people make decisions based on opportunity costs.
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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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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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Great investing requires a lot of delayed gratification.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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We don’t like trading agony for money
CHARLIE MUNGER