I am working on a new “mental models” series for the blog. The writing is taking a bit longer than I thought, so in the interim here is something light. I have paired each movie quote with an appropriate Charlie Munger quote.
- “Buy low, sell high. Fear? That’s the other guy’s problem.” Louis Winthorpe III. Trading Places.
Charlie Munger: “Look for more value in terms of discounted future cash flow than you’re paying for. 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.”
- “Don’t you see what’s happening? Potter isn’t selling. Potter’s buying! And why? Because we’re panicking and he’s not. That’s why. He’s picking up some bargains.” George Bailey. It’s a Wonderful Life.
Charlie Munger: “For a security to be mispriced, someone else must be a damn fool…
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