Original source: SimoleonSense.com .
A very sharp reader sent this in….
H/T Peter
Click Here To Read: The Best of Charlie Munger (By Whitney Tilson)
Summary (via Fool)
Charlie Munger, who runs Wesco Financial, is the famed right-hand man of Warren Buffett. He is also a master investor in his own right. At Wesco’s annual meeting a week ago, he shared his always-blunt opinions on Berkshire Hathaway, the scandalous ethics in the accounting, law, and investment banking professions, and more.
Favorite Bits (via Fool)
Becoming a good investor
“If you’re going to be an investor, you’re going to make some investments where you don’t have all the experience you need. But if you keep trying to get a little better over time, you’ll start to make investments that are virtually certain to have a good outcome. The keys are discipline, hard work, and practice. It’s like playing golf — you have to work on it.”Investing mental models
“You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.”Risks of financial institutions
“The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively — it’s not just derivatives [that can bring about your downfall].”Click Here To Read: The Best of Charlie Munger (By Whitney Tilson)
Alphaverse.com uses this content with author’s permission purely for educational purposes. Go to the feed source of this article
