If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.
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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Intelligent people make decisions based on opportunity costs.
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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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We have found in a long life that one competitor is frequently enough to ruin a business.
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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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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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I’m right, and you’re smart, and sooner or later you’ll see I’m right.
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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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Hard work, honesty, if you keep at it, will get you almost anything.
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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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Opportunity comes to the prepared mind.
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We don’t like trading agony for money
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Investing is where you find a few great companies and then sit on your ass.
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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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It’s a good habit to trumpet your failures and be quiet about your successes.
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Great investing requires a lot of delayed gratification.
CHARLIE MUNGER