You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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It’s a good habit to trumpet your failures and be quiet about your successes.
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There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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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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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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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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There is bound to be a regression toward the mean.
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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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To the man with only a hammer, every problem looks like a nail.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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Step by step you get ahead, but rarely in fast spurts.
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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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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
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Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
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I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
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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 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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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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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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The 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.
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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.
CHARLIE MUNGER