Gambling is a form of present – moment consumption, and the net present long-term value of the activity is negative. Many people who think they are investing are actually gambling.
I think you’ll at least make fewer mistakes than people who think they can do anything, no matter how complex, by just hiring somebody with a credible label. You don’t have to hire out your thinking if you keep it simple. -Charlie Munger
The Market Can Price Things Wrong
“Price is what you pay. Value is what you get.”
High Returns With Low Risk is the Key
“Risk comes from not knowing what you are doing.”
It’s Easier to Look Back Than to Look Into the Future
“In the business world, the rear view mirror is always clearer than the windshield.”
Buy Wonderful Companies
“It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” Warren Buffett
If you must play,
three things at the start:
the rules of the game,
and the quitting time.
Luck is what happens
If you would be wealthy,
think of saving as well as getting.
The gambling known as business
looks with austere disfavor
upon the business
known as gambling.