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There's a certain standard in classical music that allows the application of the term "genius," but you're treading on thin ice if you start applying it to rock & rollers.

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Charlie Munger

Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting. . . As Jesse Livermore said, 'The big money is not in the buying and selling. . . but in the waiting. '

Buying, Selling, Thinking, Treasuries, Waiting, Years
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Show me the incentive and I will show you the outcome

Incentive, Incentives, Outcome, Outcomes, Show, Show Me

Our biggest mistakes, were things we didn't do, companies we didn't buy.

Biggest, Biggest Mistake, Companies, Company, Mistake, Things

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

Answer, Answers, Assuming, Handle, Tough, Yes

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.

Advantage, Discipline, Moving, Odds, Understand

'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

Different, Men, Practice, Practices, Thinking, Under
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