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 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
-
-
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
CHARLIE MUNGER -
The game of life is the game of everlasting learning. At least it is if you want to win.
CHARLIE MUNGER -
I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.
CHARLIE MUNGER -
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER -
Great investing requires a lot of delayed gratification.
CHARLIE MUNGER -
When you locate a bargain, you must ask, ‘Why me, God? Why am I the only one who could find this bargain?’
CHARLIE MUNGER -
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 -
The best thing a human being can do is to help another human being know more.
CHARLIE MUNGER -
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER -
The safest way to get what you want is to deserve what you want.
CHARLIE MUNGER -
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 -
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 -
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
CHARLIE MUNGER