Charlie Munger: Best business getter

“When I was a lawyer, I used to say, ‘The best business getter any lawyer has is the work that’s already on his desk.’…it’s a very old-fashioned idea. You just do well with what you already have and more of the same comes in.”

—-Charlie Munger. 

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Charlie Munger: Opportunity cost

“One filter that’s useful in investing is the simple idea of opportunity cost. If you have one opportunity that you already have available in large quantity, and you like it better than 98 percent of the other things you see, well, you can just screen out the other 98 percent because you already know something better. So the people who have a lot of opportunities tend to make better investments than people that don’t have a lot of opportunities. And people who have very good opportunities, and using a concept of opportunity cost, they can make better decisions about what to buy. With this attitude, you get a concentrated portfolio, which we don’t mind.”

—Charlie Munger. 

Charlie Munger: Most important question of all

“Why — that’s the most important question of all. And it doesn’t apply just to investment. It applies to the whole human experience. If you want to get smart, the question you’ve got to keep asking is: Why? Why? Why? Why? And you have to relate the answers to a structure of deep theory. And you’ve got to know the main theories. And it’s mildly laborious, but it’s also a lot of fun.”

—Charlie Munger.