black
grey
blue
red
brown
white

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

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 MUNGER

Beginning Save Time Yourself
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER

Confidence Myself People Question Reality Try
The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGER

Game Last Learning Life Win Yourself
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER

Myself Substitution Thinking Time
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER

Appearance Man Problem Yourself
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER

Power Thinking Yourself
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER

People Past Stupidity Way
Great investing requires a lot of delayed gratification.
CHARLIE MUNGER

Delay Gratitude Greatness Investment
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER

God Location Myself Question
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.
CHARLIE MUNGER

Admire Business Career Enjoyment People Respect Rule Work Yourself
The best thing a human being can do is to help another human being know more.
CHARLIE MUNGER

Best Compassionate Empathy Help Human Kindness Learning
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER

Best Destroy Ideas Love Wasted Time Yourself
The safest way to get what you want is to deserve what you want.
CHARLIE MUNGER

Deserve Safety Way Worth Yourself
Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
CHARLIE MUNGER

Advantage Basic Discipline Move Yourself
The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.
CHARLIE MUNGER

Big heavy Offering Oneself Opportunity Simplicity Time Wisdom World
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
CHARLIE MUNGER

Avoid Bad Business Death Early Marriage Success

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

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