During the 2016 Berkshire Hathaway Annual Meeting, Warren Buffett discussed the secrets to their success. Here’s an excerpt from the meeting: WARREN BUFFETT: But we — Charlie and I are the kind that literally find it interesting in every business — we like to look at micro factors. If we … Read More
Warren Buffett: “You Don’t Get Paid for Activity, You Only Get Paid for Being Right!”
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
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
Charles Munger: Value Investing Will Never Go Out Of Style
During the 2021 Daily Journal Annual Meeting, Charles Munger explained why value investing will never go out of style. Here’s an excerpt from the meeting: Charlie Munger: Well, that is easy. Value Investing will never go out of style. Because value investing—the way I conceive it—is always wanting to get … Read More
Warren Buffett: 15 Of My Favorite Charles Munger Thoughts
In his 2022 Berkshire Hathaway Annual Letter, Warren Buffett provides fifteen thoughts from his long-time business partner Charles Munger. Here’s an excerpt from the letter: Nothing Beats Having a Great Partner Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up … Read More
Charles Munger: Identifying Great Companies Is Easy, But How Much Do You Pay For Them?
During the 2015 Daily Journal Annual Meeting, Charles Munger explains how identifying great companies is easy, but how much do you pay for them? Here’s an excerpt from the meeting: Mr. Munger: Everybody with any sense at all knows that some companies are better than others. What makes it difficult … Read More
Warren Buffett: We Can Tell In The First Sentence Whether An Investment Is Worth Pursuing
During the 1997 Berkshire Hathaway Annual Meeting, Warren Buffett discussed the importance of understanding a business and whether it has a sustainable edge. He also points out that they can often tell in the first sentence of a conversation whether an investment opportunity is worth pursuing. Here’s an excerpt from … Read More
Charles Munger: Sometimes ‘Zero’ Is The Right Number Of Security Transactions
In his 2013 Daily Journal Corp Annual Meeting, Charles Munger explained why sometimes ‘zero’ is the right number of security transactions. Here’s an excerpt from the meeting: Shareholder: You talked about modern institutional money management. How would you contrast that system with what you were doing in the late 1960s, … Read More
Charles Munger: Sustained Performance Comes From Making A Small Number Of Very Good Investment Decisions
During the 2017 Daily Journal Annual Meeting, Charles Munger explains why the only way to achieve sustained outperformance is to make a small number of very good investment decisions. He cites Berkshire Hathaway as an example, pointing out that the company’s success has been driven by a handful of key … Read More
Charles Munger – Top 10 Holdings – Latest 13F
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
Warren Buffett: Emotional Stability Will Always Beat Intelligence In Investing
During the 2009 Berkshire Hathaway Annual Meeting, Warren Buffett explained why emotional stability will always beat intelligence in investing. Here’s an excerpt from the meeting: WARREN BUFFETT: The market is there to serve you rather than instruct you and to a great extent, that is not a matter of IQ. … Read More
Charles Munger: Multitasking Is A Terrible Way To Think
During the 2015 Berkshire Hathaway Annual Meeting, Munger and Buffett discussed the internet and multitasking. Here’s an excerpt from the meeting: CHARLIE MUNGER: Well, he asked are we going to be using the internet. Warren is a big internet user compared to me. And — but — WARREN BUFFETT: I … Read More
Charles Munger: Investing Is Not For Everyone
During the 2014 Berkshire Hathaway Meeting, Buffett and Munger discussed why investing is not for everyone. Here’s an excerpt from the meeting: WARREN BUFFETT: And you just have to be open to it. And you will find your spot. You may not find it the first day, or the week, … Read More
Charles Munger: Some Investors Can’t Tell Their Best Ideas From Their Worst
During the recent Berkshire Hathaway Annual Meeting, Charles Munger explained why some investors can’t tell their best ideas from their worst. Here’s an excerpt from the meeting: Munger: I think one of the inane things that’s taught in modern University education is it a vast diversification is absolutely mandatory investing … Read More
Charles Munger: There’s A Lot Of Agony Out There
During his recent interview with FT, Charles Munger discussed a number of issues including the trouble with banking, commercial property loans, great returns are a thing of the past, why there’s a lot of agony out there. Here are some highlights from the interview: In Good Times You Get Into … Read More
Charles Munger – Top 10 Holdings – Latest 13F
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
Charles Munger: Great Investing Means Being Aversive To The Standard Stupidities
During the 2016 Berkshire Hathaway Meeting, Charles Munger explained why great investing means being aversive to standard stupidities. Here’s an excerpt from the meeting: WARREN BUFFETT: But it’s not a very complicated economic equation at Berkshire. People didn’t — for a long time, they didn’t appreciate the value of float. … Read More
Charles Munger: There’s Nothing Mysterious About Great Investing
During his fireside chat with Todd Combs, Charles Munger explained why there’s nothing mysterious about great investing. Here’s an excerpt from the conversation: Munger: You’ve got to remember that Warren made a lot of money running his Geiger counter over the ’30s. He’d find something selling for 1/4 of the … Read More
Warren Buffett: Interest Rates Power Everything In The Economic Universe
During the 2013 Berkshire Hathaway Annual Meeting, Warren Buffett explained why interest rates power everything in the economic universe. Here’s an excerpt from the meeting: WARREN BUFFETT: Well, it’s helped. You know it— interest rates are to asset prices, you know, sort of like gravity is to the apple. And … Read More
Warren Buffett: What Makes Charlie Munger A Great Partner
In his recent Berkshire Hathaway 2022 Annual Letter, Warren Buffett provided a list of some of the best thoughts from his partner Charlie Munger. Here’s an excerpt from the letter: Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in … Read More