Charlie Munger

The beauty of it is you only have to get rich once. You don't have to climb this mountain four times. You just have to do it once.

The beauty of it is you only have to get rich once. You don't have to climb this mountain four times. You just have to do it once.

It takes a lot of good execution to do it. You really have to set out to do it and then do it with analysis every day, every week, every year for 40 years. It's not so damned easy.

It takes a lot of good execution to do it. You really have to set out to do it and then do it with analysis every day, every week, every year for 40 years. It's not so damned easy.

Yes. Yes. Culture plus model. Yes, absolutely. And very reliable, hardworking, determined execution for 40 years.

Yes. Yes. Culture plus model. Yes, absolutely. And very reliable, hardworking, determined execution for 40 years.

I would say that the central norm was don't raise the market. Get it low and keep it there forever.

I would say that the central norm was don't raise the market. Get it low and keep it there forever.

I don't know. I had no conversations with him on that subject.

I don't know. I had no conversations with him on that subject.

Well, I'm sure Jim would have forbade it. Absolutely. There was no board-level discussion of the hot dog? No, no, no. Those two would not have thought it was a board matter to discuss the price of hot dogs.

Well, I'm sure Jim would have forbade it. Absolutely. There was no board-level discussion of the hot dog? No, no, no. Those two would not have thought it was a board matter to discuss the price of hot dogs.

I'll tell you what it is. It is hard to open too many stores a year. New store, new manager, new this, new politics. It's hard. Plus, a lot of stuff has to be learned and taught and put in place. And so they didn't want to do more than they could comfortably handle.

I'll tell you what it is. It is hard to open too many stores a year. New store, new manager, new this, new politics. It's hard. Plus, a lot of stuff has to be learned and taught and put in place. And so they didn't want to do more than they could comfortably handle.

Well, I'll tell you what happened there. The first store they tried to open in China, the first store somebody wanted a $30,000 bribe. Chinese culture. And they just wouldn't pay it. And that made such a bad impression on Jim Senegal. He wouldn't even talk to him going into China for about 30 years thereafter. So what changed? Why finally go in?

Well, I'll tell you what happened there. The first store they tried to open in China, the first store somebody wanted a $30,000 bribe. Chinese culture. And they just wouldn't pay it. And that made such a bad impression on Jim Senegal. He wouldn't even talk to him going into China for about 30 years thereafter. So what changed? Why finally go in?

Well, finally the board started making enough noises.

Well, finally the board started making enough noises.

Yeah, who can? Who knows? Oh, that's so great.

Yeah, who can? Who knows? Oh, that's so great.