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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
Loved
Challenges
Force
Opposing
Best
Arguments
Ideas
Challenge

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Beta and modern portfolio theory and the like - none of it makes any sense to me.
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The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
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Knowing what you don't know is more useful than being brilliant.
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I don't invest in what I don't understand. And I don't want to understand Facebook.
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Hard work, honesty, if you keep at it, will get you almost anything.
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If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.
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Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.
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Financial institutions make us nervous when they're trying to do well.
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I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.
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You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.
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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
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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.
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
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We have a history when things are really horrible of wading in when no one else will.
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You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, Won't anyone stand up and say anything nice for the deceased? and finally someone said, Well, his brother was worse.
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I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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