“I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.” PeopleMadeDoneWholeProblemBigsQualityCasesHappenedInvestmentBlockLots Of MoneyHigh QualityAdapting Author:Charlie Munger
“I was staying in a hotel in San Francisco for a couple of nights, before flying back to the UK. My hotel was a desperate grey block made from paper and people’s screams. At night the sound of strangers having icy sex echoed off the building and poured through the broken air conditioning, like tiny daggers I couldn't see, reminding me of just the tip of what I was missing.” PeopleMadeNightSexSoundAirMissingBuildingBrokenCouplePaperStrangerTinyFlyingBlockDesperateHotelStayingScreamGreySan FranciscoConditioningRemindingIcyDaggersAir Conditioning Author:Craig Stone