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  • The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is.

    Charlie Munger
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    "A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management and Business". Charlie Munger's lecture to the students at the University of Southern California in Los Angeles, 1994.
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The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is. - Charlie Munger
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