Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.
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 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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Go to bed smarter than when you woke up.
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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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A lot of our respected financial institutions are just casinos in drag.
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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.
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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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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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Great investing requires a lot of delayed gratification.
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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.
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Acknowledging what you don’t know is the dawning of wisdom.
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Knowing what you don’t know is more useful than being brilliant.
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If 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.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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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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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
CHARLIE MUNGER