To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGERI try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
More Charlie Munger Quotes
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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Show me the incentive and I will show you the outcome.
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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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Investing is where you find a few great companies and then sit on your ass.
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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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Intelligent people make decisions based on opportunity costs.
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We don’t like trading agony for money
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A lot of our respected financial institutions are just casinos in drag.
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Go to bed smarter than when you woke up.
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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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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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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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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