Charles Munger: Berkshire’s Success: The Constructive Peculiarities of Buffett and the Berkshire System

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In his Special Letter titled Vice Chairman’s Thoughts – Past and Future, Charles Munger discusses Berkshire’s success, emphasizing that while luck played a role, the heavy lifting was done by the constructive peculiarities of Buffett and the Berkshire system, along with the unwavering devotion of shareholders. These factors combined to … Read More

Charles Munger: Public Hangings and the Transformation of Corporate Behavior in Earnings Reporting

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In the 2005 Wesco Financial Annual Meeting, Charles Munger discussed the obsession with companies meeting quarterly earnings targets, sometimes resorting to unethical practices like manipulating financial figures, selling assets, or using channel stuffing to boost short-term results. The penalties for such behavior were relatively lenient. Here’s an excerpt from notes … Read More

Warren Buffett: The Investing World Really Has Changed: More Than People Appreciate

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During the 2017 Berkshire Hathaway Annual Meeting, Warren Buffett discussed how the investing world has changed from the days of Rockefeller and Carnegie. Here’s an excerpt from the meeting WARREN BUFFETT: Well, we’d love to find them. I mean, there’s no question that buying a high-return-on-assets, very light-capital-intensive business that’s … Read More

Warren Buffett: “You Don’t Get Paid for Activity, You Only Get Paid for Being Right!”

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During the 1998 Berkshire Hathaway Annual Meeting, Warren Buffett explained why investors should focus on being patient and finding the right investment, rather than being active and buying anything that comes along. Here’s an excerpt from the meeting: Buffett: So we won‘t feel we’ve missed anything particularly uh if returns … Read More

Charles Munger: The Cost Cutting Phenomenon

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In Charles Munger’s famous speech at USC Business School in 1994 entitled A Lesson on Elementary Worldly Wisdom, he discussed the cost cutting phenomenon. Here’s an excerpt from the speech: Munger: In all cases, the people who sell the machinery—and, by and large, even the internal bureaucrats urging you to … Read More