Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
CHARLIE MUNGERWe try more to profit from always remembering the obvious than from grasping the esoteric.
More Charlie Munger Quotes
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Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
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Step by step you get ahead, but rarely in fast spurts.
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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.
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We try more to profit from always remembering the obvious than from grasping the esoteric.
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Never, ever, think about something else when you should be thinking about the power of incentives.
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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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Investing is where you find a few great companies and then sit on your ass.
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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 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.
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Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?
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To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
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The big money is not in the buying and selling, but in the waiting.
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The safest way to get what you want is to deserve what you want.
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I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
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Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.
CHARLIE MUNGER