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You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.

Charlie Munger

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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
Must
Consider
Argument
Especially
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Challenges
Force
Opposing
Best
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More quotes by Charlie Munger

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Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.
Charlie Munger
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I feel that by getting rich in the way I did, I think my own example has hurt my own country.
Charlie Munger
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The big money is not in the buying and selling ... but in the waiting.
Charlie Munger
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One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.
Charlie Munger
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It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of the company. It's very hard to accumulate major positions.
Charlie Munger
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It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.
Charlie Munger
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If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Charlie Munger
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
Charlie Munger
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It's not a competency if you don't know the edge of it.
Charlie Munger
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Intense interest in any subject is indispensable if you're really going to excel in it.
Charlie Munger
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One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely
Charlie Munger
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A board member should be perfectly willing to leave at any time and willing to make the tough calls.
Charlie Munger
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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
Charlie Munger
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I don't invest in what I don't understand. And I don't want to understand Facebook.
Charlie Munger
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Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].
Charlie Munger
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Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.... You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.
Charlie Munger
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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
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You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
Charlie Munger
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We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
Charlie Munger
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See's candy company was the first high-quality business we ever bought.
Charlie Munger