#Warren Buffett

Tag

• Munger’s investing style has been more audacious than Buffett’s
  “Munger was willing to borrow money to make money, whereas Buffett had never borrowed a significant sum in his life”
• Charlie Munger explains Warren Buffett’s extreme success
  A passion for getting money since childhood. A very high IQ. A lot of energy. And he also got a flying start
• Warren Buffett and Charlie Munger on when it is time to buy a house
  “I bought it when the down payment was 10% of my net worth.” Returns are “7-8%, figure out your own equation from that”
• Warren Buffett and Charlie Munger on how long it takes to dig an economic moat
  In fast-changing industries, quickly developing a moat might be possible. But what comes quickly, may go just as quickly
• Warren Buffett and Charlie Munger on what they admire about each other
  “What I like about Warren is the irreverence. We don’t have automatic reverence for the pompous heads of all civilization”
• Warren Buffett and Charlie Munger on how they first met
  “Both of our wives thought, ‘My god, another one’”
• Warren Buffett and Charlie Munger on friendships and the benefits of choosing to be a high-quality person
  Figure out the qualities you like in other people. Be a person who exhibits the very same qualities you admire in others
• Charlie Munger on what it takes to get very far ahead in life, and what’s attainable by “non-naturals”
  To win big, you must discover what your special advantages are (if any); otherwise competition will beat you easily
• John Collison on the challenges of accounting for R&D and intangible capital in software businesses
  “How much are we paying to run the business (OpEx) vs How much are we investing in a long-lived advantage (CapEx)?”