PD:Here are a few all-time quotes from the great Charlie Munger:
1. Invert, always invert.
2. Spend each day trying to be a little wiser than you were when you woke up — become a learning machine.
3. Read all the time.
4. How to find a good spouse? The best single way is to deserve a good spouse.
5. Embrace your mistakes.
6. Knowing what you don’t know is more useful than being brilliant.
7. Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand—you must learn to handle mistakes and new facts that change the odds.
8. You should remember that good ideas are rare— when the odds are greatly in your favor, bet heavily.
9. I succeeded because I have a long attention span.
10. It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.
11. I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.
12. The desire to get rich fast is pretty dangerous.
13. The world is not driven by greed. It’s driven by envy.
14. If you want to succeed in investments, start early and try hard and keep doing it. All success comes that way.
15. I like stock picking because it kind of reminds me of hunting and fishing. Any day you can have a new thing that might be interesting.
16. I think a life properly lived is just learn, learn, learn all the time.
17. The first rule of a happy life is low expectations. You want to have reasonable expectations and take life’s results good and bad as they happen with a certain amount of stoicism.
18. I had a considerable passion to get rich. Not because I wanted Ferraris — I wanted independence.
19. If you're not willing to react with equanimity to a market price decline of 50% two or three times a century you're not fit to be a common shareholder.
20. I think people who multitask pay a huge price.
21. All human beings work better when they get what psychologists call reinforcement.
22. It's been my experience in life, if you just keep thinking and reading, you don't have to work.
