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

More quotes by Charlie Munger

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The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.
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After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.
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Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.
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To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
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A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
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Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
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Any year that you don't destroy one of your best-loved ideas is probably a wasted year
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We only want what success we can get despite encouraging others to share our general view about reality.
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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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While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.
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Don't do cocaine. Don't race trains. And avoid AIDS situations.
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The game of life is the game of everlasting learning. At least it is if you want to win.
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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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Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.
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If it happens every year like clockwork, what's so extraordinary about it?
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People always underestimate the ability of earth to increase its carrying capacity.
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I don't want to understand Facebook.
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The best thing a human being can do is to help another human being know more.
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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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A director who gets $150,000 per year from a company and needs the money is not independent.
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