To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
CHARLIE MUNGERMove 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.
More Charlie Munger Quotes
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Opportunity comes to the prepared mind.
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Step by step you get ahead, but rarely in fast spurts.
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It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
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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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Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond.
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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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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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If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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If we’ve been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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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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A great business at a fair price is superior to a fair business at a great price.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
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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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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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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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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 safest way to get what you want is to deserve what you want.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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A lot of our respected financial institutions are just casinos in drag.
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I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
CHARLIE MUNGER