Money and Finance
- The Question Warren Buffett Used To Ask Every Ceo...
From Charlie Munger: The Complete Investor: Munger is a believer in the investment approaches and ideas of Philip Fisher. Fisher was a successful investor based in California who wrote an influential book entitled Common Stocks and Uncommon Profits,...
- Charlie Munger On How He Invested When Younger Compared To Today, And How He Reads Books
I’ve posted iterations of these quotes from the Daily Journal Annual Meeting, but they are worth repeating yet again because I really think they show the shift Munger made not just in his investment focus, but also how he adjusted his activities to...
- A 13% Hurdle...
Just an interesting couple of comments mentioning the 13% hurdle number which I hadn’t noticed together until recently. In Poor Charlie's Almanack, I think there was also a comment from Munger along the lines that Berkshire's one big, 'hedgehog'...
- Charlie Munger On Rationality...
Via Whitney Tilson’s notes from the 2006 Wesco Annual Meeting:What is the central theme that the people in this room represent? I’d argue that it’s rationality rather than to make more money than other people. I’d argue that rationality is a high...
- Charlie Munger On Capital And Credit In 2005...
Via Whitney Tilson’s notes from the 2005 Wesco Annual Meeting:It is weird the way that capital occurs. We have monetized houses in this country in a way that’s never occurred before. Ask Joe how he bought a new Cadillac [and he’ll say] from borrowing...
Money and Finance
Stretching for the right people...
Comment from Charlie Munger about Iscar, via Whitney Tilson’s notes from the 2007 Wesco Annual Meeting:
It’s not a Ben Graham stock – in fact, it would be the ultimate non-Ben Graham stock. It’s located a few miles from the Lebanese border in Israel. It has a high ROE, doing business all over the earth, using a certain technology to produce carbide cutting tools. The reason I got so high on it so fast was that the people are so outstandingly talented. The idea of being in business with them just struck me worth straining for. We didn’t know when we were young which things to stretch for, but by the time we reached Iscar, which we never would have bought when we were young, we knew to stretch for the right people. It’s a hell of a business. Everything is right there. Isn’t it good that we keep learning? Better late than never.
- The Question Warren Buffett Used To Ask Every Ceo...
From Charlie Munger: The Complete Investor: Munger is a believer in the investment approaches and ideas of Philip Fisher. Fisher was a successful investor based in California who wrote an influential book entitled Common Stocks and Uncommon Profits,...
- Charlie Munger On How He Invested When Younger Compared To Today, And How He Reads Books
I’ve posted iterations of these quotes from the Daily Journal Annual Meeting, but they are worth repeating yet again because I really think they show the shift Munger made not just in his investment focus, but also how he adjusted his activities to...
- A 13% Hurdle...
Just an interesting couple of comments mentioning the 13% hurdle number which I hadn’t noticed together until recently. In Poor Charlie's Almanack, I think there was also a comment from Munger along the lines that Berkshire's one big, 'hedgehog'...
- Charlie Munger On Rationality...
Via Whitney Tilson’s notes from the 2006 Wesco Annual Meeting:What is the central theme that the people in this room represent? I’d argue that it’s rationality rather than to make more money than other people. I’d argue that rationality is a high...
- Charlie Munger On Capital And Credit In 2005...
Via Whitney Tilson’s notes from the 2005 Wesco Annual Meeting:It is weird the way that capital occurs. We have monetized houses in this country in a way that’s never occurred before. Ask Joe how he bought a new Cadillac [and he’ll say] from borrowing...