Charlie Munger

I think your chances of buying one of them is so low I wouldn't even look. I don't even believe in looking at things that I might find. You're not going to get a chance to buy Hermes. No curiosity without a return. Yeah, yeah, yeah.

I think your chances of buying one of them is so low I wouldn't even look. I don't even believe in looking at things that I might find. You're not going to get a chance to buy Hermes. No curiosity without a return. Yeah, yeah, yeah.

There are a lot of professional investors that buy nothing but branded goods. The one they usually start with is Nestle. They've done two or three points better than average, but it's not a bonanza.

There are a lot of professional investors that buy nothing but branded goods. The one they usually start with is Nestle. They've done two or three points better than average, but it's not a bonanza.

It was very interesting. It's something about the flavor of ketchup on a goddamn fried potato. People are really willing to change brands over. They want Heinz. And so we could raise the price of Heinz pretty much anywhere. But you try to raise the Kraft cheese, and everybody goes into rebellion, including the final customer, the housewife.

It was very interesting. It's something about the flavor of ketchup on a goddamn fried potato. People are really willing to change brands over. They want Heinz. And so we could raise the price of Heinz pretty much anywhere. But you try to raise the Kraft cheese, and everybody goes into rebellion, including the final customer, the housewife.

They don't care that much about whether the cheese is Kraft or not.

They don't care that much about whether the cheese is Kraft or not.

Well, the sauce flavor. It's happened elsewhere. In Korea, one guy, a Chinese guy, throws all the sauces. Every single major sauce he controls at least 95% of.

Well, the sauce flavor. It's happened elsewhere. In Korea, one guy, a Chinese guy, throws all the sauces. Every single major sauce he controls at least 95% of.

Yeah.

Yeah.

Is that Coca-Cola as well?

Is that Coca-Cola as well?

I think, I knew when I was 70 that it was plenty hard, but it's just so hard. I know how hard it is now. And all these people who are getting this two and 20 or three and 30 or whatever, they all talk as though it was easy and they get to believe their own bullshit. And of course, it's not a bit easy. It's very hard.

I think, I knew when I was 70 that it was plenty hard, but it's just so hard. I know how hard it is now. And all these people who are getting this two and 20 or three and 30 or whatever, they all talk as though it was easy and they get to believe their own bullshit. And of course, it's not a bit easy. It's very hard.

Well, probably because it suits my nature. But I didn't really enjoy the three and 30 business. Once I had enough money of my own, I'd rather just operate with my own money. That is a much better way of doing it than investing. Because of the freedom? We're forced to deal with investment bankers. We're forced to deal with investment consultants. We're forced to deal with venture capital.

Well, probably because it suits my nature. But I didn't really enjoy the three and 30 business. Once I had enough money of my own, I'd rather just operate with my own money. That is a much better way of doing it than investing. Because of the freedom? We're forced to deal with investment bankers. We're forced to deal with investment consultants. We're forced to deal with venture capital.

You don't want to need other people. The point of getting rich is so you don't have to need other people.

You don't want to need other people. The point of getting rich is so you don't have to need other people.