Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

Charlie Munger

Categorized in : People Mistake Omission

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.

argument opinion sides

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.

discipline odds moving

Show me the incentive and I will show you the outcome by Charlie Munger

Show me the incentive and I will show you the outcome

incentives show-me outcomes

I did not succeed in life by intelligence. I succeeded because I... by Charlie Munger

I did not succeed in life by intelligence. I succeeded because I have a long attention span.

succeed attention long

Acknowledging what you don't know is the dawning of wisdom. by Charlie Munger

Acknowledging what you don't know is the dawning of wisdom.

knows

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.

investing opportunity character

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.

etc knowing want

A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.

odds opportunity past

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

moats fanatics trying

Our biggest mistakes, were things we didn't do, companies we didn... by Charlie Munger

Our biggest mistakes, were things we didn't do, companies we didn't buy.

biggest-mistake company mistake

Hard work, honesty, if you keep at it, will get you almost anythi... by Charlie Munger

Hard work, honesty, if you keep at it, will get you almost anything.

investing honesty hard-work

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

investing skills example

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

hard-lessons hard lessons

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

best-love challenges ideas

Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.

three careers people

The best thing a human being can do is to help another human bein... by Charlie Munger

The best thing a human being can do is to help another human being know more.

helping-others inspirational knowledge

All I want to know is where I’m going to die, so I’ll never go th... by Charlie Munger

All I want to know is where I’m going to die, so I’ll never go there

dies knows want

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.

winner investing people

If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.

successful school fall

Your life must focus on the maximization of objectivity. by Charlie Munger

Your life must focus on the maximization of objectivity.

objectivity insightful focus