It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
-- Charlie Munger
For more about Charlie Munger, keep reading....
About the Quote
When it comes to money and finance, the object is to do better than other people: either make more money, or lose less when everyone is losing. This means knowing more than everyone else and acting on that differential in knowledge.
However, it does not mean knowing everything about everything. It just means knowing enough to be able to act on that knowledge. Wisdom comes from experience, even if it is the expereince of others. This means being able to discern between fads and trends for real things. While everyone else spends money on pet rocks, be the owner of the rock quarry. While most people spend money on botox facial injections, be the owner of the company producing the botox or the needles.
A simple philosophy grounded in a rock-solid foundation can be superior to the myriad of analytics and ever-changing data we find in the world of financioal markets.
Some Information about Charlie Munger
Charles Thomas Munger was born in Omaha, Nebraska, US on 1924-January-1.
Better known as Charlie Munger, he is partner and vice-chairman of Warren Buffett's conglomerate Berkshire Hathaway. He is also a businessman, investor, and philanthropist.
As far back as his teenage years, Charlie Munger has had a connection to the Buffettfamily. As a teenager, he worked at the Buffett & Son grocery store. This store was founded by Warren Buffett's grandfather.
Munger was studying mathematics at the University of Michigan when he quit school to join the United States Army Air Corps during World War II. Even though he did not have a college degree, he received a commission in the USAAC as a 2nd Lieutenant.
In the 1940s Munger pursued a degree in meteorology at Caltech in Pasadena, California, US. Pasadena would be his home for many, many years.
When he tried to enroll at Harvard Law School, he was denied admission because he had not earned an undergraduate degree from any of the several colleges and universities where he had studied. Thanks to help from a family friend who was also a former dean of Harvard Law School, he was eventually admitted and matriculated. He graduated from Harvard Law School magna cum laude in 1948 with his J. D. diploma.
-- Source
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