15 quotes from Munger at the Daily Journal Meeting...
Source:
Source:
1/
On zero-commission brokerages:
"I think you should try to make your money in this world by selling other people things that are good for them."
"If you specialize in selling gambling services and rake money off the top, I think it's a dirty way to make money"
On zero-commission brokerages:
"I think you should try to make your money in this world by selling other people things that are good for them."
"If you specialize in selling gambling services and rake money off the top, I think it's a dirty way to make money"
2/
"You wouldn't want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to the internet."
"You wouldn't want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to the internet."
3/
"When you respond to software by the RFP process it's a very difficult and demanding process and it's less profitable and less sure than what Microsoft does"
"When you respond to software by the RFP process it's a very difficult and demanding process and it's less profitable and less sure than what Microsoft does"
4/
"We prefer holding common stocks rather than cash with the current market conditions"
"We prefer holding common stocks rather than cash with the current market conditions"
5/
On the 1999 parallels today:
"Yes, I think it must end badly but I don't know when"
On the 1999 parallels today:
"Yes, I think it must end badly but I don't know when"
6/
On SPACs:
"It's just that the investment banking profession will sell sh*t as long as sh*t will be sold"
On SPACs:
"It's just that the investment banking profession will sell sh*t as long as sh*t will be sold"
7/
"I didn't make money buy high multiple stocks in the midst of a speculative frenzy."
"But I am more willing to hold stocks at high multiples than if interest rates were a lot higher."
"I didn't make money buy high multiple stocks in the midst of a speculative frenzy."
"But I am more willing to hold stocks at high multiples than if interest rates were a lot higher."
8/
"Value investing is trying to get more value than you pay for when you buy a stock"
"All good investing is value investing. It's just that some people look for value in strong companies and some look for value in weak companies"
"Value investing is trying to get more value than you pay for when you buy a stock"
"All good investing is value investing. It's just that some people look for value in strong companies and some look for value in weak companies"
9/
"I'm way more comfortable owning 2 or 3 stocks where I have an advantage" vs. owning 100 stocks
"I'm way more comfortable owning 2 or 3 stocks where I have an advantage" vs. owning 100 stocks
10/
"Since I never buy any gold, I never buy Bitcoin. And I think people should do the same"
"No, we will not be following Tesla into Bitcoin"
"Since I never buy any gold, I never buy Bitcoin. And I think people should do the same"
"No, we will not be following Tesla into Bitcoin"
11/
On selling:
"I think you can count on the fact that if we really like the company and the management, we will be a little too loyal."
On selling:
"I think you can count on the fact that if we really like the company and the management, we will be a little too loyal."
12/
"I never owned a share of General Electric because I didn't like the culture. I wasn't surprised when it blew up"
"I never owned a share of General Electric because I didn't like the culture. I wasn't surprised when it blew up"
13/
On heuristics to size people up:
"If somebody is a chronic drunk, we'll avoid them"
On heuristics to size people up:
"If somebody is a chronic drunk, we'll avoid them"
14/
On payment for order flow:
"Nobody should believe Robinhood's trades are free"
On payment for order flow:
"Nobody should believe Robinhood's trades are free"
15/
On China:
"It's entirely possible that their system was right for them and our system is right for us."
On China:
"It's entirely possible that their system was right for them and our system is right for us."
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