Charlie Munger

To increase your odds of success find out companies with moats

And the one thing that all those winning betters in the whole history of people who’ve beaten the pari-mutuel system have is quite simple. They bet very seldom. 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 mis priced 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. That is a very simple concept. And to me it’s obviously right—based on experience not only from the pari-mutuel system, but everywhere else.

Investing successfully is very hard. To increase your odds of success find out companies with moats and buy them when the price is right.

I think the idea that everyone can have wonderful results from stocks is inherently crazy.  Nobody expects everyone to succeed at poker.

                               In Elementary Worldly Wisdom Charlie Munger writes

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