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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.

Charlie Munger

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER

Ability Capacity Carry Earth People
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
CHARLIE MUNGER

Gamble heavy Winning
Your life must focus on the maximization of objectivity.
CHARLIE MUNGER

Focus Life Object Yourself
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER

Appearance Man Problem Yourself
There’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.
CHARLIE MUNGER

Broke Live Mistake Myself People Psychology Trick
There is bound to be a regression toward the mean.
CHARLIE MUNGER

Bound Method Regression
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER

Power Thinking Yourself
I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.
CHARLIE MUNGER

Argument Myself Opinion Qualification Reach State Thinking
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
CHARLIE MUNGER

Investment Price Quality Simplicity Yourself
This is a good life lesson: getting the right people into your system is the most important thing you can do.
CHARLIE MUNGER

Goodness Important Lesson Life People Right System Yourself
Knowing what you don’t know is more useful than being brilliant.
CHARLIE MUNGER

Brilliant Unknown Wisdom Yourself
A lot of our respected financial institutions are just casinos in drag.
CHARLIE MUNGER

Financial Institution Money Respect
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
CHARLIE MUNGER

Attention Intelligence Life Myself Success Time
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER

Cost Decision Intelligence Opportunity People
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.
CHARLIE MUNGER

Head Marketing People Rise Start Thinking World Yourself

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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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.

Related Topics

Popular Authors

More Charlie Munger Quotes