"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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Quote collection
Charlie Munger quotes (page 5 of 26)
517 quotes — follow a thought to its full quote page.
"We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current."
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"All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock."
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"The model I like to sort of simplify the notion of what goes on in a market for common stocks is the pari-mutuel system at the racetrack. If you stop to think about it, a pari-mutuel system is a market. Everybody goes there and bets and the odds change based on what's bet. That's what happens in the stock market."
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"Those who will not face improvements because they are changes, will face changes that are not improvements."
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"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business"
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"Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day."
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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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"'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd."
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"Opportunity comes to the prepared mind."
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"There is bound to be a regression toward the mean."
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"Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy."
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"A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past."
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"Determine value apart from price; progress apart from activity; wealth apart from size."
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"Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you."
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"Never, ever, think about something else when you should be thinking about the power of incentives."
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"Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things."
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"You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas."
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"If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind."
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"We don't like trading agony for money"
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