A Quote by Charlie Munger
[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.
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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.
When thinking about how to deploy kind of professional and social networking into your business, it's really not a question of if, it's a question of when. And the reason is, just think about the fact that those businesses that adopt new technologies to operate efficiently and use them to get a competitive edge are the businesses that in fact, you know, it becomes one more competitive advantage. Whether it's a fax machine or a mobile phone or a new way of doing financing or any of these things, you know, these are key things to do.
there are a few rules I know to be true about love and marriage: If you don't respect the other person, you're gonna have a lot of trouble. If you don't know how to compromise, you're gonna have a lot of trouble. If you can't talk openly about what goes on between you, you're gonna have a lot of trouble. And if you don't have a common set of values in life, you're gonna have a lot of trouble. Your values must be alike.' - Morrie Schwartz
There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.
Every business I don't know, if I spend enough time - a couple of months - I will know a lot. I know quite a lot about football now. I know the value of players, and we won't do stupid things.
I know a lot about writing, but I don't know much about how other industries work. I've tried to use my naivety to my advantage.
I'm very competitive, but I know when not to be competitive. I know how to have fun, but I know when it's time to get serious. That makes things a lot easier.
I just remember lot of men running around in little tiny gold shorts! The format - it was kind of hard. You really have to know about pop culture and I'm not really knowledgeable about a lot of those things. I know what I like. They'd ask about Gwyneth Paltrow, and I don't know anything about her, except her mother. I know who her mother is. So you really have to be current and relevant.
A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting.
One of the things I do know is we know very little about our universe. Even though we think we know a lot, and we do know a lot more than we used to, we have a lot to learn about our universe.
A lot of times in this business, we are taking advantage of hot times in our career to do a lot of TV and a lot of radio and that sort of thing, and George is able to be so humble that he can get away with not doing those things.
It's sad. There's a lot about this industry that a lot of people don't know about and don't find out about. There are a lot of tough things and trials and stuff that you're faced with. Sometimes, God has other plans for people. Sometimes bands can't stick through it. It depends on the situation. Keep praying for the bands that you like, seriously, because a lot of things will try to get in the way of being together. We've been blessed with not deal with those yet, but if we ever did...?
It's a funny thing, I think people meet us and they assume that we know a lot more about politics than we actually do. People will really get into it. I'm like, I don't really know a lot about tariff reform or export trade reform. That's really not something I know about.
Well, I've seen a bunch of acupuncturists and one of my sister-in-laws is an herbalist. So I know a lot about alternative medicine. I don't know a lot about the practice but I know about the world.
Today knowledge is free. It's like air, it's like water... There's no competitive advantage to knowing more than the person next to you. The world doesn't care what you know. What the world cares about is what you can do with what you know.
The values we developed were instrumental in gaining a competitive advantage.
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