Charlie Munger

Well, I don't like that as well as I like something with a real consumer brand of its own like Apple.

Well, I don't like that as well as I like something with a real consumer brand of its own like Apple.

Well, I only study two kinds of companies. One, I'm enough of a Ben Graham follower. If something is really cheap, even though it's a crappy company, I'm willing to consider buying it for a while anyway. And? I do that occasionally. And I've done it with great success a time or two, but my hard marks, I've done it once or twice in my lifetime for big gains, and that's it.

Well, I only study two kinds of companies. One, I'm enough of a Ben Graham follower. If something is really cheap, even though it's a crappy company, I'm willing to consider buying it for a while anyway. And? I do that occasionally. And I've done it with great success a time or two, but my hard marks, I've done it once or twice in my lifetime for big gains, and that's it.

It's not like I have a second. I've done it a hundred times. So it isn't a bit easy. A hundred times easy money is almost nonexistent.

It's not like I have a second. I've done it a hundred times. So it isn't a bit easy. A hundred times easy money is almost nonexistent.

Well, the grand companies, of course, are good. Get them at the right price. The whole trick is to get them on the few rare occasions when they're really cheap. But buying Costco at its present price, it may work out all right, but that's, again, it's getting hard.

Well, the grand companies, of course, are good. Get them at the right price. The whole trick is to get them on the few rare occasions when they're really cheap. But buying Costco at its present price, it may work out all right, but that's, again, it's getting hard.

Well, I don't give advice to just any young people. I give it to some. I paint my spots. I don't want to be more of a guru to the young people than I already am. It's getting hard out there. And there's all this bullshit and craziness. Of course, it's going to be hard.

Well, I don't give advice to just any young people. I give it to some. I paint my spots. I don't want to be more of a guru to the young people than I already am. It's getting hard out there. And there's all this bullshit and craziness. Of course, it's going to be hard.

Damn near. Of course it could be possible. It's only possible, it's likely, and it's actually happened.

Damn near. Of course it could be possible. It's only possible, it's likely, and it's actually happened.

It's the nature of things. Look, biology produces a very advanced creature like us. We can sit around and talk intelligently on all these subjects. But it does it by killing everybody off in brutal competition one with the other for hundreds of thousands of years. In other words, the system that nature uses to get smart is kind of unpleasant to the people who are losing.

It's the nature of things. Look, biology produces a very advanced creature like us. We can sit around and talk intelligently on all these subjects. But it does it by killing everybody off in brutal competition one with the other for hundreds of thousands of years. In other words, the system that nature uses to get smart is kind of unpleasant to the people who are losing.

Well, it wasn't that it was all that easy back a long time. It just was a lot easier.

Well, it wasn't that it was all that easy back a long time. It just was a lot easier.

And God knows what happens after an unpleasant blow-up with our modern democracies. You get to see a lot like Europe, which is quite dysfunctional.

And God knows what happens after an unpleasant blow-up with our modern democracies. You get to see a lot like Europe, which is quite dysfunctional.

It was never easy. I thoroughly understood it was never easy, and it's harder now. Those are the two . And you pay attention to how you're handling the people you deal with. You want a good reputation when you're all done, not a bad one.

It was never easy. I thoroughly understood it was never easy, and it's harder now. Those are the two . And you pay attention to how you're handling the people you deal with. You want a good reputation when you're all done, not a bad one.