Charlie Munger Great Quotations

When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.

Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses.

Investing is where you find a few great companies and then sit on your ass.

Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.

A great business at a fair price is superior to a fair business at a great price.