Intelligent people make decisions based on opportunity costs.
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Other Charlie Munger quotes:
The safest way to get what you want is to deserve what you want.
If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
The best armor of old age is a well-spent life preceding it.
To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.
Knowing what you don't know is more useful than being brilliant.
Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
Opportunity comes to the prepared mind.
The only way to win is to work, work, work, work, and hope to have a few insights.
How to find a good spouse? - the best single way is to deserve a good spouse.
Go to bed smarter than when you woke up.
