[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.
Charlie MungerIt would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
Charlie MungerOver many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize youโre wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
Charlie MungerOrganized common (or uncommon) sense -- very basic knowledge -- is an enormously powerful tool. There are huge dangers with computers. People calculate too much and think too little.
Charlie Munger