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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

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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
Understand
Favor
Favors
Investing
Basic
Advantage
Discipline
Move
Moving
Odds

More quotes by Charlie Munger

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I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.
Charlie Munger
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The first chance you have to avoid a loss from a foolish loan is by refusing to make it there is no second chance.
Charlie Munger
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The investment game is getting more and more competitive.
Charlie Munger
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Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.
Charlie Munger
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At Berkshire Hathaway we do not like to compete against Chinese manufacturers.
Charlie Munger
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It's been my experience in life if you just keep thinking and reading, you don't have to work.
Charlie Munger
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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
Charlie Munger
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I think that one should recognize reality even when one doesn't like it indeed, especially when one doesn't like it.
Charlie Munger
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For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.
Charlie Munger
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So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
Charlie Munger
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Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
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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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
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Strategic plans cause more dumb decisions than anything else in America.
Charlie Munger
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If (investing) weren't a little difficult, everybody would be rich.
Charlie Munger
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In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
Charlie Munger
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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.
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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The world is getting very much more competitive.
Charlie Munger
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I don't want to understand Facebook.
Charlie Munger