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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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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
Make
Loan
Foolish
Avoid
Loss
Second
Chance
Firsts
First
Refusing
More quotes by Charlie Munger
Avoid working directly under somebody you don't admire and don't want to be like.
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Spend each day trying to be a little wiser than you were when you woke up.
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It's dangerous to short stocks.
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There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.
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The old culture had come out of poverty, out of English customs.
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There's more honor in investment management than in investment banking.
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Hard work, honesty, if you keep at it, will get you almost anything.
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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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.
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The liabilities are always 100 percent good. It's the assets you have to worry about.
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Let me know what your problem is, and I will try to make it more difficult for you.
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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.
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Mimicking the herd invites regression to the mean.
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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
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It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.
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A director who gets $150,000 per year from a company and needs the money is not independent.
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It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
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In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.
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If you can buy the best companies, over time the pricing takes care of itself.
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Almost all good businesses engage in 'pain today, gain tomorrow' activities.
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