It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
CHARLIE MUNGERIf 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.
More Charlie Munger Quotes
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People always underestimate the ability of earth to increase its carrying capacity.
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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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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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If you can buy the best companies, over time the pricing takes care of itself.
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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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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
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It’s a good habit to trumpet your failures and be quiet about your successes.
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The safest way to get what you want is to deserve what you want.
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Someone will always be getting richer faster than you. This is not a tragedy.
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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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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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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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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 MUNGER