Thread by @trengriffin

1/ Charlie Munger today: "The dotcom boom was crazier on the valuations even than we have now but overall, I consider this era even crazier than the dotcom era. You have to pay a great deal for good companies and that reduces your future returns,” afr.com/markets/equity…

2/ To be clear, there are lots of things I disagree with Charlie Munger about, including certain issues related to China.

"We agree on Costco tho: “Amazon may have more to fear from Costco in terms of retailing than the reverse."

"You want companies that have high earnings on capital and have a durable competitive advantage. If they’ve got good management instead of a bad, that’s a big plus too. But the great companies of the world have been discovered. They’re very expensive to buy.” Munger

4/ "The ordinary human experience is to be way overconfident in your own ideas, particularly if you’ve worked hard for them and express them to other people. The world is full of insanely overconfident people and, of course, they make lots of mistakes.” amp.theaustralian.com.au/business/marke…

5/ “There’s no great company that can’t be turned into a bad investment, just by raising the price.”

"I love that we’re rapidly reducing the burning of coal and the burning of gasoline and diesel. It would be smart even if there were no global warming.” moneyweb.co.za/news/markets/b…