If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
CHARLIE MUNGERYou don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
More Charlie Munger Quotes
-
-
To the man with only a hammer, every problem looks like a nail.
CHARLIE MUNGER -
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
CHARLIE MUNGER -
If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
CHARLIE MUNGER -
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
CHARLIE MUNGER -
You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
CHARLIE MUNGER -
The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
CHARLIE MUNGER -
It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.
CHARLIE MUNGER -
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 -
We try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGER -
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER -
This is a good life lesson: getting the right people into your system is the most important thing you can do.
CHARLIE MUNGER -
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.
CHARLIE MUNGER -
Someone will always be getting richer faster than you. This is not a tragedy.
CHARLIE MUNGER -
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 -
Go to bed smarter than when you woke up.
CHARLIE MUNGER -
Any year that you don’t destroy one of your best-loved ideas is probably a wasted year.
CHARLIE MUNGER -
We don’t like trading agony for money
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 -
There is bound to be a regression toward the mean.
CHARLIE MUNGER -
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER -
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER -
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 MUNGER -
Intelligent people make decisions based on opportunity costs.
CHARLIE MUNGER -
If you can buy the best companies, over time the pricing takes care of itself.
CHARLIE MUNGER -
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
CHARLIE MUNGER -
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