Average Quote by Charlie Munger

“The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is.”

Charlie Munger

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Average Beats Definitions Fifth Investing Iron Life Life is People Results Rule of life Rules of life Way

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Almost all good businesses engage in 'pain today, gain tomorrow' activities.

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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…

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Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…

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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…

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I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…

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The tax code gives you an enormous advantage if you can find some things you can just sit with.

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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…

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Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…

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They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good…

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What good is envy? It’s the one sin you can’t have any fun at.

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We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…

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It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…

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