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Quote by Charlie Munger

“I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.”

Quote by Charlie Munger

Author

Charlie Munger, born on January 1, 1924, is a distinguished business person known for his investment philosophy and partnership with Warren Buffett at Berkshire Hathaway. He has been a significant influence in the field of finance and investing, contributing to the success of the company over the years. more

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“Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.”

Thinking Littles Body Company Pieces Paper Majors Owners Unusual Lowest Shareholders Buffett Turnover

Author:Charlie Munger

“Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.”

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“Beta and modern portfolio theory and the like - none of it makes any sense to me.”

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“The wisdom and experience of older people is a resource of inestimable worth. Recognizing and treasuring the contributions of older people is essential to the long-term flourishing of any society.”

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“Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.”

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“Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it's crazy to get into Black-Scholes. For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes valued the $60 ones higher. This is insane.”

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“Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.”

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Author:Charlie Munger

“A board member should be perfectly willing to leave at any time and willing to make the tough calls.”

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“I think it is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person's brain because it understands the most fundamental models- ones that will do most work per unit.”

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“It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.”

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Author:Charlie Munger