出版社： Harriman House
Charlie Munger says the first rule of compounding is to never interrupt it unnecessarily.
Compounding doesn’t rely on earning big returns. Merely good returns sustained uninterrupted for the longest period of time—especially in times of chaos and havoc—will always win.
It can’t be overstated: there is no greater force in finance than room for error, and the higher the stakes, the wider it should be.
Those who read history tend to look for what proves them right and confirms their personal opinions. They defend loyalties. They read with a purpose to affirm or to attack. They resist inconvenient truth since everyone wants to be on the side of the angels. Just as we start wars to end all wars.
Hindsight, the ability to explain the past, gives us the illusion that the world is understandable. It gives us the illusion that the world makes sense, even when it doesn’t make sense. That’s a big deal in producing mistakes in many fields.
“Risk is what’s left over when you think you’ve thought of everything.”
Less ego, more wealth. Saving money is the gap between your ego and your income, and wealth is what you don’t see. So wealth is created by suppressing what you could buy today in order to have more stuff or more options in the future.
Time is the most powerful force in investing. It makes little things grow big and big mistakes fade away.
Savings that aren’t earmarked for anything in particular is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.
No one is impressed with your possessions as much as you are.
The bigger the gap between what you want to be true and what you need to be true to have an acceptable outcome, the more you are protecting yourself from falling victim to an appealing financial fiction.
There are many things in life that we think are true because we desperately want them to be true. I call these things “appealing fictions.”
But stories are, by far, the most powerful force in the economy. They are the fuel that can let the tangible parts of the economy work, or the brake that holds our capabilities back.
At every stage of our lives, we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made. So young people pay good money to get tattoos removed that teenagers paid good money to get. Middle-aged people rushed to divorce people who young adults rushed to marry. Older adults work hard to lose what middle-aged adults worked hard to gain. On and on and on.
P151 / 2021-06-14 11:41
It is one thing to say, “We don’t know what the future holds.” It’s another to admit that you, yourself, dont know today what you will even want in the future. And the truth is, few of us do. It’s hard to make enduring long-term decisions when your view of what you’ll want in the future is likely to shift.
P151 / 2021-06-14 11:39
The biggest single point of failure with money is a sole reliance on a paycheck to fund short-term spending needs, with no savings to create a gap between what you think your expenses are and what they might be in the future.
P145 / 2021-06-14 10:50
Saving is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.
P107 / 2021-06-13 14:11
Wealth is just the accumulated leftovers after you spend what you take in. And since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it’s clear which one matters more.
P105 / 2021-06-13 14:06
Personal savings and frugality-finance’s conservation and efficiency-are parts of the money equation that are more in your control and have a 1oo% chance of being as effective in the future as they are today.
P104 / 2021-06-13 14:04
The only way to be wealthy is to not spend the money that you do have. It’s not just the only way to accumulate wealth; it’s the very definition of wealth.
P98 / 2021-06-13 13:56
Spending money to show people how much money you have is the fastest way to have less money.
P95 / 2021-06-13 13:52
If respect and admiration are your goal, be careful how you seek it. Humility, kindness, and empathy will bring you more respect than horsepower ever will.
P94 / 2021-06-13 13:51
You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does — especially from the people you want to respect and admire you.
P93 / 2021-06-13 13:48
There is a paradox here: people tend to want wealth to signal to others that they should be liked and admired. But in reality those other people often bypass admiring you, not because they don’t think wealth is admirable, but because they use your wealth as a benchmark for their own desire to be liked and admired.
P93 / 2021-06-13 13:47
Controlling your time is the highest dividend money pays.
P89 / 2021-06-13 13:16
A wise old owl lived in an oak,
The more he saw the less he spoke,
The less he spoke, the more he heard,
Why aren’t we all like that wise old bird?
P87 / 2021-06-13 13:10
Money’s greatest intrinsic value — and this can’t be overstated — is its ability to give you control over your time. To obtain, bit by bit, a level of independence and autonomy that comes from unspent assets that give you greater control over what you can do and when you can do it.
P84 / 2021-06-13 12:57
Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered.
P84 / 2021-06-13 12:55
“It’s not whether you’re right or wrong that’s important,” George Soros once said, “but how much money you make when you’re right and how much you lose when you’re wrong.” You can be wrong half the time and still make a fortune.
P80 / 2021-06-13 12:16
A good definition of an investing genius is the man or woman who can do the average thing when all those around them are going crazy.
Tails drive everything.
P77 / 2021-06-13 12:09
Planning is important, but the most important part of every plan is to plan on the plan not going according to the plan.
P63 / 2021-06-13 11:46
Modern capitalism is a pro at two things: generating wealth and generating envy.
P41 / 2021-06-12 22:53
The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.
P28 / 2021-06-12 14:35
Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort.
P28 / 2021-06-12 14:34
Some lessons have to be experienced before they can be understood.
P13 / 2021-06-12 10:05