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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The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
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I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.
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If (investing) weren't a little difficult, everybody would be rich.
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I'm right, and you're smart, and sooner or later you'll see I'm right.
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It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.
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A board member should be perfectly willing to leave at any time and willing to make the tough calls.
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