---
title: "43 Knows Quotes By Charlie Munger"
description: "43 Knows quotes by Charlie Munger. Plus more from Charlie Munger and more Knows sayings from other authors."
image: "https://sms4smile.com/quotes/i/53b/charlie-munger-458_competencies_it-s-not-a-competency-if-you-don-t-know_2359396.jpg"
---

> [It's not a competency if you don't know the edge of it.](https://sms4smile.com/quotes/charlie-munger/it-s-not-a-competency-if-you-don-t-know-the-edge-of-it/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/53b/charlie-munger-458_competencies_it-s-not-a-competency-if-you-don-t-know_2359396.jpg)

> [Knowing what you don't know is more useful than being brilliant.](https://sms4smile.com/quotes/charlie-munger/knowing-what-you-don-t-know-is-more-useful-than-being-brilliant/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/685/charlie-munger-458_brilliant_knowing-what-you-don-t-know-is-more-usef_1846453.jpg)

> [Let me know what your problem is, and I will try to make it more difficult for you.](https://sms4smile.com/quotes/charlie-munger/let-me-know-what-your-problem-is-and-i-will-try-to-make-it-more/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/9ba/charlie-munger-458_difficult_let-me-know-what-your-problem-is-and-i-w_3061609.jpg)

> [Acknowledging what you don't know is the dawning of wisdom.](https://sms4smile.com/quotes/charlie-munger/acknowledging-what-you-don-t-know-is-the-dawning-of-wisdom/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/d1a/charlie-munger-458_acknowledging_acknowledging-what-you-don-t-know-is-the_756887.jpg)

> [The best thing a human being can do is to help another human being know more.](https://sms4smile.com/quotes/charlie-munger/the-best-thing-a-human-being-can-do-is-to-help-another-human-being/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/915/charlie-munger-458_being-human_the-best-thing-a-human-being-can-do-is-t_3141560.jpg)

> [If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the…](https://sms4smile.com/quotes/charlie-munger/if-you-like-me-lived-through-1973-74-or-even-the-early-1990s-there/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0a2/charlie-munger-458_clubs_if-you-like-me-lived-through-1973-74-or_594284.jpg)

> [We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome…](https://sms4smile.com/quotes/charlie-munger/we-tend-to-buy-things-a-lot-of-things-where-we-don-t-know-exactly/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/699/charlie-munger-458_decent_we-tend-to-buy-things-a-lot-of-things-wh_705424.jpg)

> [I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my…](https://sms4smile.com/quotes/charlie-munger/i-like-people-admitting-they-were-complete-stupid-horses-asses-i-know/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/9f4/charlie-munger-458_admitting_i-like-people-admitting-they-were-comple_3235754.jpg)

> [If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz.…](https://sms4smile.com/quotes/charlie-munger/if-you-want-to-understand-science-you-have-to-understand-math-in/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/306/charlie-munger-458_business_if-you-want-to-understand-science-you-ha_1775140.jpg)

> [I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues -…](https://sms4smile.com/quotes/charlie-munger/i-think-liberal-art-faculties-at-major-universities-have-views-that/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/44a/charlie-munger-458_art_i-think-liberal-art-faculties-at-major-u_148576.jpg)

> [If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking…](https://sms4smile.com/quotes/charlie-munger/if-you-have-competence-you-know-the-edge-it-wouldnt-be-a-competence/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/af8/charlie-munger-458_answers_if-you-have-competence-you-know-the-edge_689823.jpg)

> [Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its…](https://sms4smile.com/quotes/charlie-munger/just-as-a-man-working-with-his-tools-should-know-its-limitations-a/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/940/charlie-munger-458_cognitive_just-as-a-man-working-with-his-tools-sho_817625.jpg)

> [I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very…](https://sms4smile.com/quotes/charlie-munger/i-know-just-enough-about-thermodynamics-to-understand-that-if-it/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/bd6/charlie-munger-458_energy_i-know-just-enough-about-thermodynamics_2209700.jpg)

> [Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it…](https://sms4smile.com/quotes/charlie-munger/although-i-am-very-interested-in-the-subject-of-human-misjudgment-and/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/4f8/charlie-munger-458_bits_although-i-am-very-interested-in-the-sub_2748522.jpg)

> [People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep…](https://sms4smile.com/quotes/charlie-munger/people-have-always-had-this-craving-to-have-someone-tell-them-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg)

> [You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy…](https://sms4smile.com/quotes/charlie-munger/you-ll-find-many-markets-where-bottlers-of-pepsi-and-coke-both-make-a/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/241/charlie-munger-458_adjustment_you-ll-find-many-markets-where-bottlers_1364267.jpg)

> [I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that…](https://sms4smile.com/quotes/charlie-munger/i-don-t-want-to-sell-credit-to-people-who-are-going-to-hurt/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/070/charlie-munger-458_admire_i-don-t-want-to-sell-credit-to-people-wh_2603479.jpg)

> [ \[In picking stocks\] You really have to know a lot about business. You have to know a lot about competitive advantage. You… ](https://sms4smile.com/quotes/charlie-munger/in-picking-stocks-you-really-have-to-know-a-lot-about-business-you/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/496/charlie-munger-458_able_in-picking-stocks-you-really-have-to-kno_2554597.jpg)

> [To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one…](https://sms4smile.com/quotes/charlie-munger/to-us-investing-is-the-equivalent-of-going-out-and-betting-against/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/95d/charlie-munger-458_betting_to-us-investing-is-the-equivalent-of-goi_2184673.jpg)

> [Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very…](https://sms4smile.com/quotes/charlie-munger/even-bright-people-are-going-to-have-limited-really-valuable-insights/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/071/charlie-munger-458_all-time_even-bright-people-are-going-to-have-lim_559611.jpg)

> [It's not given to human beings to have such talent that they can just know everything about everything all the time. But…](https://sms4smile.com/quotes/charlie-munger/it-s-not-given-to-human-beings-to-have-such-talent-that-they-can-just/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/d92/charlie-munger-458_bigs_it-s-not-given-to-human-beings-to-have-s_1577484.jpg)

> [Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,…](https://sms4smile.com/quotes/charlie-munger/harvard-and-yale-concentrated-with-venture-capitalists-that-got-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/17c/charlie-munger-458_amount_harvard-and-yale-concentrated-with-ventu_136398.jpg)

> [Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end.…](https://sms4smile.com/quotes/charlie-munger/over-the-long-term-the-eclipse-rate-of-great-civilizations-being/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/fea/charlie-munger-458_civilization_over-the-long-term-the-eclipse-rate-of-g_1823277.jpg)

> [I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.](https://sms4smile.com/quotes/charlie-munger/i-never-allow-myself-to-have-an-opinion-on-anything-that-i-don-t-know/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/19d/charlie-munger-458_argument_i-never-allow-myself-to-have-an-opinion_2087936.jpg)

> [You're not going to get very far in life based on what you already know. You're going to advance in life by…](https://sms4smile.com/quotes/charlie-munger/you-re-not-going-to-get-very-far-in-life-based-on-what-you-already/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/a8d/charlie-munger-458_education_you-re-not-going-to-get-very-far-in-life_2047566.jpg)

> [I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have…](https://sms4smile.com/quotes/charlie-munger/i-have-a-black-belt-in-chutzpah-i-was-born-with-it-some-people-like/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/69a/charlie-munger-458_belt_i-have-a-black-belt-in-chutzpah-i-was-bo_2267040.jpg)

> [ 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… ](https://sms4smile.com/quotes/charlie-munger/black-scholes-works-for-short-term-options-but-if-it-s-a-long-term/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.jpg)

> [You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t…](https://sms4smile.com/quotes/charlie-munger/you-have-to-have-a-temperament-to-grab-ideas-and-do-sensible-things/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/da0/charlie-munger-458_ideas_you-have-to-have-a-temperament-to-grab-i_2439566.jpg)

> [To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life.…](https://sms4smile.com/quotes/charlie-munger/to-me-it-s-obvious-that-the-winner-has-to-bet-very-selectively-it-s/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/d7f/charlie-munger-458_gambling_to-me-it-s-obvious-that-the-winner-has-t_2687871.jpg)

> [You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is…](https://sms4smile.com/quotes/charlie-munger/you-re-looking-for-a-mispriced-gamble-that-s-what-investing-is-and/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/11a/charlie-munger-458_customer_you-re-looking-for-a-mispriced-gamble-th_422473.jpg)

> [If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary)…](https://sms4smile.com/quotes/charlie-munger/if-you-have-competence-you-pretty-much-know-its-boundaries-already-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/647/charlie-munger-458_answers_if-you-have-competence-you-pretty-much-k_2206145.jpg)

> [You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.…](https://sms4smile.com/quotes/charlie-munger/you-must-know-the-big-ideas-in-the-big-disciplines-and-use-them/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/d7f/charlie-munger-458_big-idea_you-must-know-the-big-ideas-in-the-big-d_3120836.jpg)

> [You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization.…](https://sms4smile.com/quotes/charlie-munger/you-have-to-know-accounting-it-s-the-language-of-practical-business/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/bff/charlie-munger-458_accountants_you-have-to-know-accounting-it-s-the-lan_3093259.jpg)

> [As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never…](https://sms4smile.com/quotes/charlie-munger/as-i-talk-about-strengths-and-weaknesses-in-academic-economics-one/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/5cd/charlie-munger-458_academic_as-i-talk-about-strengths-and-weaknesses_1943622.jpg)

> [And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not…](https://sms4smile.com/quotes/charlie-munger/and-your-brain-doesn-t-naturally-know-how-to-think-the-way-zeckhauser/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/92e/charlie-munger-458_affected_and-your-brain-doesn-t-naturally-know-ho_1086183.jpg)

> [Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact.…](https://sms4smile.com/quotes/charlie-munger/most-people-early-achieve-and-later-intensify-a-tendency-to-process/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/a71/charlie-munger-458_achieve_most-people-early-achieve-and-later-inte_1251355.jpg)

> [It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and…](https://sms4smile.com/quotes/charlie-munger/it-s-hard-to-predict-what-will-happen-with-two-brands-in-a-market/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/59d/charlie-munger-458_behave_it-s-hard-to-predict-what-will-happen-wi_167396.jpg)

> [Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years…](https://sms4smile.com/quotes/charlie-munger/look-at-those-hedge-funds-you-think-they-can-wait-they-don-t-know-how/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0bc/charlie-munger-458_bigs_look-at-those-hedge-funds-you-think-they_628503.jpg)

> [Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back.…](https://sms4smile.com/quotes/charlie-munger/tthe-first-rule-is-that-you-can-t-really-know-anything-if-you-just/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1f8/charlie-munger-458_bangs_tthe-first-rule-is-that-you-can-t-really_2055905.jpg)

> [People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know,…](https://sms4smile.com/quotes/charlie-munger/people-like-the-robber-barons-assumed-that-the-doctrine-of-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/7d7/charlie-munger-458_best-god_people-like-the-robber-barons-assumed-th_196250.jpg)

## Other authors on Knows

## More by Charlie Munger

> [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [What good is envy? It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

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                        "text": "Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it - I don't think I've created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.",
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                        "text": "People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.",
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                        "text": "You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.",
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                        "text": "I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.",
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                        "text": "[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.",
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                        "text": "To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.",
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                        "text": "Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very bright, hardworking people. And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times.",
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                        "text": "It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. It's just that simple.",
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                        "text": "Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.",
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                        "text": "Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end. (Laughter) I'm more optimistic about the staying power of what's good in this country. But just because you have a wonderful spouse doesn't mean you should treat her badly. You have the feeling that some of the old virtues [that made this country great] are lessening. But there's so much good and so much strength left that I would not expect this country to suddenly founder.",
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                        "text": "I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.",
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                        "text": "You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.",
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                        "text": "I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.",
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                        "text": "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.",
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                        "text": "You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.",
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                        "text": "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.",
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                        "text": "You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.",
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                        "text": "If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.",
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                        "text": "You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.",
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                        "text": "You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.",
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                        "text": "As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.",
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                        "text": "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.",
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                        "text": "Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact. They become people of whom Philip Wylie observed: \"You couldn't 't squeeze a dime between what they already know and what they will never learn.\"",
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                        "text": "It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.",
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                        "text": "Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, 'The big money is not in the buying and selling...but in the waiting.'",
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                        "text": "Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form… You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.",
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                        "text": "People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know, \"I'm the richest. Therefore, I'm the best. God's in his heaven, etc.\" And that reaction of the robber barons was so irritating to people that it made it unfashionable to think of an economy as an ecosystem. But the truth is that it is a lot like an ecosystem. And you get many of the same results.",
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