A Quote by Charlie Munger
If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change.
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I'll tell you what I'd do if it were up to me: I would establish a strictly controlled distribution network through which I would make most drugs, excluding the most dangerous ones like crack, legally available. Initially I would keep the prices low enough to destroy the drug trade. Once that objective was attained I would keep raising the prices, very much like the excise duty on cigarettes, but I would make an exception for registered addicts in order to discourage crime. I would use a portion of the income for prevention and treatment. And I would foster social opprobrium of drug use.
It's a lot easier to figure out how to scale something that doesn't feel like it would scale than it is to figure out what is actually gonna work. You're much better off going after something that will work that doesn't scale, then trying to figure how to scale it up, than you are trying to figure it all out.
The point is... you'd better figure out what your Customers - the Customers you want - value. Because that's what they'll buy. Anything else is a waste of their money, and they'll figure that out in a hurry.
You could raise the price of, say, a bottle of ketchup to $1.03 instead of $1, and no one would know. Raising prices just 3% per product would add 50% to your pretax income. Why not do it? It's like heroin: You do a little and you want a little bit more. Raising prices is the easy way.
The Soul of Money is an inspired and utterly fascinating book. It will change the way you think about money. ... It is a book for everyone who would like to make the world a better place.
Drug prohibition has caused gang warfare and other violent crimes by raising the prices of drugs so much that vicious criminals enter the market to make astronomical profits, and addicts rob and steal to get money to pay the inflated prices for their drugs.
I hope I'm better looking than Yoda, but - I'm really interested in people who have something to say, a change they want to make and can't figure out why they can't make it spread.
Many change initiatives are poorly thought out, and rolled out prematurely. Others are genuinely good ideas but the proponents underestimate the amount of time needed to make the change. And, I agree, true change usually requires people giving something up and so resistance is pretty well guaranteed for any meaningful change.
I would like to be an FBI profiler. I'm fascinated with psychology, but I wouldn't want to deal with people and their problems in my office. I like to figure them out from afar, narrow a case down, figure it out, but it sounds like a lot of science.
I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
I haven't got the slightest idea how to change people, but still I keep a long list of prospective candidates just in case I should ever figure it out.
The biggest challenge is to build the team and start the company, while hiring people, raising money, building a brand which has no history, all at the same time. You're doing a lot of things that in an established company are already done.
I have been very lucky because I have had the opportunity to see what it's like to have little or no money and what it's like to have a lot of it. I'm lucky because people make such a big deal of it and, if I didn't experience both, I wouldn't be able to know how important it really is for me. I can't comment on what having a lot of money means to others, but I do know that for me, having a lot more money isn't a lot better than having enough to cover the basics.
If everyone thinks one way, it is likely to be wrong. If you can figure out that it is wrong, you are likely to make a lot of money.
People were desperately trying to fill their seats for the summer. And so prices are really low right now. And so they are kept from raising prices to make up for that difference.
There's a point in everyone's career where they're not going to be playing as well as they should be. You just have to keep you confidence and not hang your head and realize that you're going to figure it out and that you're going to get better and that you're going to learn. Learn from all your mistakes.
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