Charlie Munger

In investing, what you should fear the most is not losses, but ignorance and impulsiveness.

True investment masters always have a ruler in hand.

Only select the current best opportunity as the ruler.

The higher the opportunity cost threshold, the more precise the decision.

For projects outside your circle of competence, you shouldn't even look at them.

Investment is just investment; it has nothing to do with who you are.

If you're not investing well, it would be better not to invest at all.

If you truly don't understand investing, don't touch it.

In this lifetime, if you do two things right, you can be very wealthy:

Discover what is effective and repeat it;

Discover what is ineffective and avoid it.

Investing is very fair:

What you ultimately earn is the realization of your understanding of this world.