âCharlie, when you borrow a manâs car, you always return it with a full tank of gas.â (Location 363)
Much of Franklinâs success was due to the essential nature of the manâmost especially his appetite for hard work, but also his insatiable curiosity and patient demeanor. Above all, he possessed a quick and willing mind that enabled him to easily master each new field of endeavor he chose to undertake. (Location 524)
New highlights added December 22, 2023 at 12:47 AM
Charlie counts preparation, patience, discipline, and objectivity among his most fundamental guiding principles. (Location 569)
a successful investment career boils down to only a handful of decisions. (Location 571)
âQuickly eliminate the big universe of what not to do; follow up with a fluent, multidisciplinary attack on what remains; then act decisively when, and only when, the right circumstances appear.â (Location 611)
âa great business at a fair price is superior to a fair business at a great price.â (Location 650)
This habit of committing far more time to learning and thinking than to doing is no accident. (Location 666)
Note: I should have been a fund manager.
While poor outcomes are excusable in the MungerâBuffett worldâgiven the fact that some outcomes are outside of their controlâsloppy preparation and decision-making are never excusable because they are controllable. (Location 668)
Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day. (Location 702)
More important than the will to win is the will to prepare. (Location 703)
Good ideas are rareâwhen the odds are greatly in your favor, bet (allocate) heavily. (Location 714)
Be fearful when others are greedy and greedy when others are fearful. (Location 721)
Opportunity doesnât come often, so seize it when it does. (Location 722)
Remember that reputation and integrity are your most valuable assetsâand can be lost in a heartbeat. (Location 727)
First, be unreliable. Do not faithfully do what you have engaged to do. If you will only master this one habit, you will more than counterbalance the combined effect of all your virtues, howsoever great. (Location 808)
âNo manâs life should be accounted a happy one until it is over.ââ (Location 818)
My second prescription for misery is to learn everything you possibly can from your own experience, minimizing what you learn vicariously from the good and bad experiences of others, living and dead. (Location 819)
the Braun Companyâs communications was called the five Ws: You had to tell who was going to do what, where, when, and why. (Location 937)
if you always tell people why, theyâll understand it better, theyâll consider it more important, and theyâll be more likely to comply. (Location 941)
New highlights added December 25, 2023 at 2:26 PM
The cost reductions came through, all right. But the benefit of the cost reductions didnât go to the guy who bought the equipment. Itâs such a simple idea. Itâs so basic. (Location 1150)
They bet big when they have the odds. And the rest of the time, they donât. Itâs just that simple. (Location 1235)
New highlights added December 29, 2023 at 8:57 AM
How do you get into these great companies? One method is what Iâd call the method of finding them smallâget âem when theyâre little. (Location 1346)
Life and its various passages can be hard, brutally hard. The three things I have found helpful in coping with its challenges are: Have low expectations. Have a sense of humor. Surround yourself with the love of friends and family. (Location 1485)
Similarly, Iâve told you to think forward and backward. Well, great declarers in bridge think, âHow can I take the necessary winners?â But they think it through backward, too: âWhat could possibly go wrong that could cause me to have too many losers?â Both methods of thinking are useful. (Location 1533)
New highlights added January 6, 2024 at 12:01 AM
A very significant fraction of the people in the world will steal if a) itâs very easy to do and b) thereâs practically no chance of being caught. (Location 1701)
As Buffett and I say over and over again, we donât leap 7-foot fences. Instead, we look for 1-foot fences with big rewards on the other side. So weâve succeeded by making the world easy for ourselves, not by solving hard problems. (Location 1748)
Each of you will have to figure out where your talents lie. And youâll have to use your advantages. But if you try to succeed in what youâre worst at, youâre going to have a very lousy career. I can almost guarantee it. (Location 1785)
New highlights added January 11, 2024 at 5:58 AM
When you donât know and you donât have any special competence, donât be afraid to say so. (Location 1900)
try to get rid of people who always confidently answer questions about which they donât have any real knowledge. (Location 1907)
As you go through life, sell your services once in a while to an unreasonable blowhard if thatâs what you must do to feed your family. But run your own life like Grant McFayden. (Location 1926)
âCharlie, when you borrow a manâs car, you always return it with a full tank of gas.â (Location 363)
Much of Franklinâs success was due to the essential nature of the manâmost especially his appetite for hard work, but also his insatiable curiosity and patient demeanor. Above all, he possessed a quick and willing mind that enabled him to easily master each new field of endeavor he chose to undertake. (Location 524)
Charlie counts preparation, patience, discipline, and objectivity among his most fundamental guiding principles. (Location 569)
a successful investment career boils down to only a handful of decisions. (Location 571)
âQuickly eliminate the big universe of what not to do; follow up with a fluent, multidisciplinary attack on what remains; then act decisively when, and only when, the right circumstances appear.â (Location 611)
âa great business at a fair price is superior to a fair business at a great price.â (Location 650)
This habit of committing far more time to learning and thinking than to doing is no accident. (Location 666)
Note: I should have been a fund manager.
While poor outcomes are excusable in the MungerâBuffett worldâgiven the fact that some outcomes are outside of their controlâsloppy preparation and decision-making are never excusable because they are controllable. (Location 668)
Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day. (Location 702)
More important than the will to win is the will to prepare. (Location 703)
Good ideas are rareâwhen the odds are greatly in your favor, bet (allocate) heavily. (Location 714)
Be fearful when others are greedy and greedy when others are fearful. (Location 721)
Opportunity doesnât come often, so seize it when it does. (Location 722)
Remember that reputation and integrity are your most valuable assetsâand can be lost in a heartbeat. (Location 727)
First, be unreliable. Do not faithfully do what you have engaged to do. If you will only master this one habit, you will more than counterbalance the combined effect of all your virtues, howsoever great. (Location 808)
âNo manâs life should be accounted a happy one until it is over.ââ (Location 818)
My second prescription for misery is to learn everything you possibly can from your own experience, minimizing what you learn vicariously from the good and bad experiences of others, living and dead. (Location 819)
the Braun Companyâs communications was called the five Ws: You had to tell who was going to do what, where, when, and why. (Location 937)
if you always tell people why, theyâll understand it better, theyâll consider it more important, and theyâll be more likely to comply. (Location 941)
The cost reductions came through, all right. But the benefit of the cost reductions didnât go to the guy who bought the equipment. Itâs such a simple idea. Itâs so basic. (Location 1150)
They bet big when they have the odds. And the rest of the time, they donât. Itâs just that simple. (Location 1235)
How do you get into these great companies? One method is what Iâd call the method of finding them smallâget âem when theyâre little. (Location 1346)
Life and its various passages can be hard, brutally hard. The three things I have found helpful in coping with its challenges are: Have low expectations. Have a sense of humor. Surround yourself with the love of friends and family. (Location 1485)
Similarly, Iâve told you to think forward and backward. Well, great declarers in bridge think, âHow can I take the necessary winners?â But they think it through backward, too: âWhat could possibly go wrong that could cause me to have too many losers?â Both methods of thinking are useful. (Location 1533)
A very significant fraction of the people in the world will steal if a) itâs very easy to do and b) thereâs practically no chance of being caught. (Location 1701)
As Buffett and I say over and over again, we donât leap 7-foot fences. Instead, we look for 1-foot fences with big rewards on the other side. So weâve succeeded by making the world easy for ourselves, not by solving hard problems. (Location 1748)
Each of you will have to figure out where your talents lie. And youâll have to use your advantages. But if you try to succeed in what youâre worst at, youâre going to have a very lousy career. I can almost guarantee it. (Location 1785)
When you donât know and you donât have any special competence, donât be afraid to say so. (Location 1900)
try to get rid of people who always confidently answer questions about which they donât have any real knowledge. (Location 1907)
As you go through life, sell your services once in a while to an unreasonable blowhard if thatâs what you must do to feed your family. But run your own life like Grant McFayden. (Location 1926)
âCharlie, when you borrow a manâs car, you always return it with a full tank of gas.â (Location 363)
Much of Franklinâs success was due to the essential nature of the manâmost especially his appetite for hard work, but also his insatiable curiosity and patient demeanor. Above all, he possessed a quick and willing mind that enabled him to easily master each new field of endeavor he chose to undertake. (Location 524)
Charlie counts preparation, patience, discipline, and objectivity among his most fundamental guiding principles. (Location 569)
a successful investment career boils down to only a handful of decisions. (Location 571)
âQuickly eliminate the big universe of what not to do; follow up with a fluent, multidisciplinary attack on what remains; then act decisively when, and only when, the right circumstances appear.â (Location 611)
âa great business at a fair price is superior to a fair business at a great price.â (Location 650)
This habit of committing far more time to learning and thinking than to doing is no accident. (Location 666)
Note: I should have been a fund manager.
While poor outcomes are excusable in the MungerâBuffett worldâgiven the fact that some outcomes are outside of their controlâsloppy preparation and decision-making are never excusable because they are controllable. (Location 668)
Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day. (Location 702)
More important than the will to win is the will to prepare. (Location 703)
Good ideas are rareâwhen the odds are greatly in your favor, bet (allocate) heavily. (Location 714)
Be fearful when others are greedy and greedy when others are fearful. (Location 721)
Opportunity doesnât come often, so seize it when it does. (Location 722)
Remember that reputation and integrity are your most valuable assetsâand can be lost in a heartbeat. (Location 727)
First, be unreliable. Do not faithfully do what you have engaged to do. If you will only master this one habit, you will more than counterbalance the combined effect of all your virtues, howsoever great. (Location 808)
âNo manâs life should be accounted a happy one until it is over.ââ (Location 818)
My second prescription for misery is to learn everything you possibly can from your own experience, minimizing what you learn vicariously from the good and bad experiences of others, living and dead. (Location 819)
the Braun Companyâs communications was called the five Ws: You had to tell who was going to do what, where, when, and why. (Location 937)
if you always tell people why, theyâll understand it better, theyâll consider it more important, and theyâll be more likely to comply. (Location 941)
The cost reductions came through, all right. But the benefit of the cost reductions didnât go to the guy who bought the equipment. Itâs such a simple idea. Itâs so basic. (Location 1150)
They bet big when they have the odds. And the rest of the time, they donât. Itâs just that simple. (Location 1235)
How do you get into these great companies? One method is what Iâd call the method of finding them smallâget âem when theyâre little. (Location 1346)
Life and its various passages can be hard, brutally hard. The three things I have found helpful in coping with its challenges are: Have low expectations. Have a sense of humor. Surround yourself with the love of friends and family. (Location 1485)
Similarly, Iâve told you to think forward and backward. Well, great declarers in bridge think, âHow can I take the necessary winners?â But they think it through backward, too: âWhat could possibly go wrong that could cause me to have too many losers?â Both methods of thinking are useful. (Location 1533)
A very significant fraction of the people in the world will steal if a) itâs very easy to do and b) thereâs practically no chance of being caught. (Location 1701)
As Buffett and I say over and over again, we donât leap 7-foot fences. Instead, we look for 1-foot fences with big rewards on the other side. So weâve succeeded by making the world easy for ourselves, not by solving hard problems. (Location 1748)
Each of you will have to figure out where your talents lie. And youâll have to use your advantages. But if you try to succeed in what youâre worst at, youâre going to have a very lousy career. I can almost guarantee it. (Location 1785)
When you donât know and you donât have any special competence, donât be afraid to say so. (Location 1900)
try to get rid of people who always confidently answer questions about which they donât have any real knowledge. (Location 1907)
As you go through life, sell your services once in a while to an unreasonable blowhard if thatâs what you must do to feed your family. But run your own life like Grant McFayden. (Location 1926)
