A Quote by Charlie Munger
I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.
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As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.
A lot of young people just starting out unskilled, as all Americans do when they're born here, come to this country, and so the business community is for immigration. Big businesses, small businesses, high-tech, low-tech, the communities of faith, and the Republican leadership.
It does cost a lot of money to make high-quality TV in exotic locations. I know everyone thinks we've been given a massive sack full of money and gone off and bought Lamborghinis and gone off for lunch, but it isn't actually like that.
How many of the unicorn companies are really prosaic businesses - like limousine services or renting rooms in your house? The original VC firms from the '70's made their money and established the reputation of their respective brands by leveraging big cleverness with small capital, not small cleverness with big capital, and that's what's going on with these unicorns. That has never worked and it won't work this time. It doesn't produce venture quality returns, and it never will.
When the government takes more money out of the pockets of middle class Americans, entrepreneurs, and businesses, it lessens the available cash flow for people to spend on goods and services, less money to start businesses, and less money for businesses to expand - i.e. creating new jobs and hiring people.
We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.
There are a lot of companies - not just Sony and Kodak - that have spent a lot of money trying to make the quality of the digital images comparable with film. But when you're sending these things over the Internet, they don't have to be high quality.
I want to build businesses that are high quality, socially conscious, and for the people.
Buying a share of a good business is better than buying a share of a bad business. One way to do this is to purchase a business that can invest its own money at high rates of return rather than purchasing a business that can only invest at lower ones. In other words, businesses that earn a high return on capital are better than businesses that earn a low return on capital.
I want to be involved in things I can be really proud of. There's a lot of bad films being made and I don't understand how they got the money for it. That said, there's a lot of bad telly, but there's also a lot of very high quality that is something I'd be much more proud of than a mediocre film.
I made a lot of money. I earned a lot of money with CNN and satellite and cable television. And you can't really spend large sums of money, intelligently, on buying things. So I thought the best thing I could do was put some of that money back to work - making an investment in the future of humanity.
I realized some time ago that, while there are really, really high quality schools in urban India - my daughter attends one - there are very few high quality schools in rural India. And that is mostly because of the perception that there are not enough people to pay a reasonable fee in rural India.
Day care poses no risk for children, provided that it is high quality.... Poor quality day care is risky for children everywhere.... The cost of poor quality day care is measured in children's lives. High quality day care costs only money.
I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls.
When the Fugees were big, we made a whole lot of money, and what happened was that I saved my money and never spent it.
We need to build systems that can automatically figure out what's high quality and what's not, and encourage users to contribute high-quality content. There's a lot of technical challenges in that.
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