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If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
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
Path
Wish
Hands
Back
Come
Multidisciplinary
Never
Skillfully
Would
Follow
Like
Cutting
More quotes by Charlie Munger
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie Munger
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
Charlie Munger
I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.
Charlie Munger
We don't like trading agony for money
Charlie Munger
Knowing what you don't know is more useful than being brilliant.
Charlie Munger
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
Charlie Munger
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
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
Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.
Charlie Munger
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
Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
Charlie Munger
It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
Charlie Munger
Investing is where you find a few great companies and then sit on your ass.
Charlie Munger
To the man with only a hammer, every problem looks like a nail.
Charlie Munger
Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.
Charlie Munger
Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.
Charlie Munger
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.
Charlie Munger
Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.
Charlie Munger
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.
Charlie Munger
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.
Charlie Munger
