Great investing requires a lot of delayed gratification.
CHARLIE MUNGERThere’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.
More Charlie Munger Quotes
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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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I did not succeed in life by intelligence. I succeeded because I have a long attention span.
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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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If you can buy the best companies, over time the pricing takes care of itself.
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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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Investing is where you find a few great companies and then sit on your ass.
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The best thing a human being can do is to help another human being know more.
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Acknowledging what you don’t know is the dawning of wisdom.
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Hard work, honesty, if you keep at it, will get you almost anything.
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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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The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
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People always underestimate the ability of earth to increase its carrying capacity.
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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.
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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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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 MUNGER