Quote

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

Charlie Munger

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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
Power
Muscle
Like
Increased
Muscles
Moats
Dues
Shrunk
Buying
Campbell
Companies
Mart
Company
Supermarkets
Also
Dramatically

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You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.
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There's more honor in investment management than in investment banking.
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If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
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Develop into a lifelong self-learner through voracious reading cultivate curiosity and strive to become a little wiser every day.
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I don't invest in what I don't understand. And I don't want to understand Facebook.
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There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, What good is health? You can't buy money with it.
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A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.
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A great business at a fair price is superior to a fair business at a great price.
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Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.
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I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.
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We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
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And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. for example, people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
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You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.
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Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
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You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.
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The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
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The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.
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No wise pilot, no matter how great his talent and experience, fails to use his checklist.
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I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.
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