Intelligent people make decisions based on opportunity costs. Charlie Munger More Quotes by Charlie Munger More Quotes From Charlie Munger I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do. Charlie Munger argument opinion sides 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 discipline odds moving Show me the incentive and I will show you the outcome Charlie Munger incentives show-me outcomes I did not succeed in life by intelligence. I succeeded because I have a long attention span. Charlie Munger succeed attention long Acknowledging what you don't know is the dawning of wisdom. Charlie Munger knows It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities. Charlie Munger investing opportunity character A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc. Charlie Munger etc knowing want 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. Charlie Munger odds opportunity past How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it. Charlie Munger moats fanatics trying Our biggest mistakes, were things we didn't do, companies we didn't buy. Charlie Munger biggest-mistake company mistake Hard work, honesty, if you keep at it, will get you almost anything. Charlie Munger investing honesty hard-work Learn how to ignore the examples from others when they are wrong, because few skills are more worth having. Charlie Munger investing skills example The more hard lessons you can learn vicariously rather than through your own hard experience, the better. Charlie Munger hard-lessons hard lessons You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas. Charlie Munger best-love challenges ideas 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 three careers people The best thing a human being can do is to help another human being know more. Charlie Munger helping-others inspirational knowledge All I want to know is where I’m going to die, so I’ll never go there Charlie Munger dies knows want 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. Charlie Munger winner investing people 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. Charlie Munger successful school fall Your life must focus on the maximization of objectivity. Charlie Munger objectivity insightful focus
