You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
CHARLIE MUNGERThe iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
More Charlie Munger Quotes
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Intelligent people make decisions based on opportunity costs.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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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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A lot of our respected financial institutions are just casinos in drag.
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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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Show me the incentive and I will show you the outcome.
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To the man with only a hammer, every problem looks like a nail.
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Your life must focus on the maximization of objectivity.
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It’s not greed that drives the world, but envy.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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We don’t like trading agony for money
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I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
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We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER