Charlie Munger

Duty of Management is to “Widen” the Moat:

“So you do get an occasional opportunity to get into a wonderful business that’s being run by a wonderful manager.  And, of course, that’s hog heaven day.  If you don’t load up when you get those opportunities, it’s a big mistake.  … Averaged out, betting on the quality of business is better than betting on […]
Charlie Munger

Components of a Moat: ( Competitive Advantage)

Charlie describes a moat in three different ways immediately below, each emphasizing the importance of the moat being able to maintain itself over time. “We have to have a business with some inherent characteristics that give it a durable competitive advantage.”   “The number one idea is to view a stock as an ownership of the […]

There are three ways to succeed as an investor

You can succeed intellectually, physically or emotionally. The intellectual way is how we would all like to succeed: being so smart that we understand things more clearly and see farther ahead than every other investor. The pre-eminent example, obviously, is Warren Buffett. But people like him are very, very, very rare. The physical way to succeed […]