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.
CHARLIE MUNGERIf 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.
More Charlie Munger Quotes
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To the man with only a hammer, every problem looks like a nail.
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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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All I want to know is where I’m going to die, so I’ll never go there.
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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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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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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.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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.
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There is bound to be a regression toward the mean.
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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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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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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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People always underestimate the ability of earth to increase its carrying capacity.
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Investing is where you find a few great companies and then sit on your ass.
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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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If the value of a company doesn’t just scream out at you, it’s too close.
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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
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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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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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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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It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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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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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.
CHARLIE MUNGER