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Charlie Munger and Warren Buffett on Berkshire Hathaway as a didactic enterprise

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
“Widespread fear is your friend as an investor because it serves up bargain purchases.”
“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

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“My aunt gave me a world almanac, so I memorized the population of all cities of any real size. I just like numbers. It’s not limited to business numbers at all.”

“I had to communicate with people better. I couldn’t go through life afraid of public speaking and I’d heard about the Dale Carnegie course.”

“I had the intellect to succeed, but I didn’t have the persona.”

“I was terrified of speaking in public.”

“Three things when hiring people: Look for integrity, intelligence and energy.”

“I just read and read and read. I probably read five to six hours a day.”

“We will never trade our reputation away for money.”
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“I can’t remember a decision we ever made based on the Fed,” Buffett said, stressing he buys shares of companies he likes rather than playing the overall market. However, stocks would be less attractive if the yield on the 10-year U.S. government bond were 5% or 6%. “You would have a whole different valuation standpoint.”
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“The headline is what 10.000 as many people are going to carry around in their mind later on, as the story.”

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Painting

“The Goldweigher”
Karel van der Pluym (1625-1672) born in Leiden

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Charlie Munger
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
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