Printmgr File
Most investment managers are in a game where the clients expect them to know a lot about a lot of things. We didn't have any clients who could fire us at Berkshire Hathaway. So we didn't have to be governed by any such construct. And we came to this notion of finding a mispriced bet and loading up when we were very confident that&... See more
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
First, he seeks “profitable businesses with good returns on capital and not too much leverage.” Second, the management team must have “equal measures of talent and integrity.” Third, the company should have ample opportunity to reinvest its profits at handsome rates of return. Fourth, the stock must be available to him at a “reasonable” price.
William Green • Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life
