A Quote by Charlie Munger
The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.
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It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. It's just that simple.
Bet you ten bucks we make it." What are the odds? she thought, and realized with sudden, blinding clarity that she wouldn't take the other side of that bet, that only a loser would bet against them. This is really it, she thought, amazed. This is really forever. I believe in this. "Min?" he said, and she kissed him, putting all her heart into it. "No bet," she said against his mouth. "Your odds are too good." "Our odds are too good
Anytime you make a bet with the best of it, where the odds are in your favor, you have earned something on that bet, whether you actually win or lose the bet. By the same token when you make a bet with the worst of it, where the odds are not in your favor, you have lost something, whether you actually win or lose the bet.
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
There is nothing wrong with a big bet, if a big bet is a good bet.
Frankly, I would never ask a supporter to bet big on me if I wouldn't bet big on myself. It wouldn't be fair.
Bet you never eat, he says. Bet you drink up the oxygen like it's butter. Bet you can go for days on nothing but thoughts.
I bet on everything. Everything. It's just like, 'I bet you I can spin my chair longer.' Everything, I say 'I bet you.' I love to win.
Blackjack is very scientific. There's always a right answer and a wrong answer. Do you take a card, increase your bet, bet big or bet small. There's absolutely a right and wrong answer.
The one thing that I think separates Microsoft from a lot of other people is we make bold bets. We're persistent about them, but we make them. A lot of people won't make a bold bet. A bold bet doesn't assure you of winning, but if you make no bold bets you can't continue to succeed. Our industry doesn't allow you to rest on your laurels forever. I mean, you can milk any great idea. Any idea that turns out to be truly great can be harvested for tens of years. On the other hand, if you want to continue to be great, you've got to bet on new things, big, bold bets.
If you bet on a horse, that's gambling. If you bet you can make three spades, that's entertainment. If you bet cotton will go up three points, that's business. See the difference?
I typically don't bet out on the flop because I've been in the business of trapping my ultra-aggressive opponents so much that I've simply forgotten the benefits of a simple flop bet!
A bet is a bet and I always keep my word in the bet what I do.
Let me tell you what I literally told every world leader I've met with, and I've met them all: It's never, never, never been a good bet to bet against America. We have the finest fighting force in the world.
I remember when I was about 18, Sean Penn made a bet with me. He had just directed his first movie, and he's like, 'By the time you're 30, I will bet you $500 that you'll be sick of acting.' I'm still waiting to collect, because I'm not.
There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose. Winning a bad bet can be the most dangerous outcome of all, because a success of that kind can encourage you to take more bad bets in the future, when the odds will be running against you. You can also lose a good bet no matter how sound the underlying proposition, but if you keep placing good bets, over time, the law of averages will be working for you.
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