Charlie Munger explained something similar in investing. His dealmaking philosophy is “Look at lots of deals and don’t do almost all of them.” Combine these two

Charlie Munger explained something similar in investing. His dealmaking philosophy is “Look at lots of deals and don’t do almost all of them.” Combine these two quotes: “In my personal portfolio I’ve sat for years at a time with $10 million to $12 million in treasuries. Just waiting, waiting. A lot of people can’t stand to wait. It takes character to sit there with all that cash and do nothing.” “The wise ones bet heavily when the world offers them opportunity. They bet big when they have the odds. And the rest of the time, they don’t.” Doing nothing most of the time is what makes doing something big some of the time possible.