I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.
CHARLIE MUNGERYou’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.
More Charlie Munger Quotes
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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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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When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
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How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.
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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.
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A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”
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Hard work, honesty, if you keep at it, will get you almost anything.
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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.
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Great investing requires a lot of delayed gratification.
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The safest way to get what you want is to deserve what you want.
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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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This is a good life lesson: getting the right people into your system is the most important thing you can do.
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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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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.
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It’s been my experience in life if you just keep thinking and reading, you don’t have to work.
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You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
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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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Show me the incentive and I will show you the outcome.
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It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.
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If the value of a company doesn’t just scream out at you, it’s too close.
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If you don’t keep learning, other people will pass you by. Temperament alone won’t do it – you need a lot of curiosity for a long, long time.
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It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
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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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In my whole life, I have known no wise people who didn’t read all the time – none … ZERO.
CHARLIE MUNGER