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kulman
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Posts: 9319
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   Posted: 09/Apr/2007 at 9:11am |
“If a thing is not worth doing at all, it’s not worth doing well.”---Charlie Munger
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Life can only be understood backwards—but it must be lived forwards
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kulman
Senior Member
Joined: 02/Sep/2006
Location: India
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Posts: 9319
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Posted: 13/Apr/2007 at 6:34am |
“Whoever makes you smarter a little earlier in life makes you better”---Charlie Munger
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Life can only be understood backwards—but it must be lived forwards
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deveshkayal
Senior Member
Joined: 04/Sep/2006
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Posts: 3903
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Posted: 07/May/2007 at 10:41pm |
“Whenever you think that some situation or some person is ruining your life, it’s actually you who are ruining your life. It’s such a simple idea. Feeling like a victim is a perfectly disastrous way to make go through life. If you just take the attitude that however bad it is in anyway, it’s always your fault and you just fix it as best you can – the so-called “iron prescription” – I think that really works”
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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deveshkayal
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Posted: 07/May/2007 at 10:45pm |
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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”—Munger.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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kulman
Senior Member
Joined: 02/Sep/2006
Location: India
Online Status: Offline
Posts: 9319
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Posted: 15/May/2007 at 9:11am |
The interesting question asked was why they had bought a railroad when they had eschewed investments of that nature. Munger replied that they used to not like them because they needed large amounts of capital, had tough unions, and stiff competition from the trucking business. He said that their paradigm had shifted and that they were two years too late in making this investment.
He used an old quote and said that man is too old too soon and too smart too late. Now the railroad industry has a competitive advantage by double-stacking freight. With all of the imports from China, the U.S. has a huge amount of freight being sent across the county. Munger said that Bill Gates made an investment in a Canadian rail company and that it turned out to be quite profitable. He joked that maybe Bill Gates should be managing Berkshire.
Source: excerpt from Wesco meeting; gurufocus
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Life can only be understood backwards—but it must be lived forwards
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kulman
Senior Member
Joined: 02/Sep/2006
Location: India
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Posts: 9319
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Posted: 16/May/2007 at 9:56pm |
On the hot topic of global warming.
Mr. Munger thinks it's not as big a deal as everyone says it is. He says that it is very difficult to change the path that we are on and we have no influence over emerging countries. He went on to say that global warming changes take place over a very long period of time and used as an example one hundred years. He said that we can adjust over long periods of time. If Florida is flooded because it is a low elevation, people will have time to move.
Source: excerpt from Wesco meeting; gurufocus
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Life can only be understood backwards—but it must be lived forwards
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kulman
Senior Member
Joined: 02/Sep/2006
Location: India
Online Status: Offline
Posts: 9319
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Posted: 21/May/2007 at 12:33pm |
Excerpt from 2007 annual meeting (source: JV Bruni)
An attendee from Hong Kong asked Buffett and Munger to address the topics of decreasing risk premiums, increasing correlations across markets, and the proliferation of a short-term mindset in investing.
Charlie Munger: Bad things in markets are not Gaussian. When people talk about sigmas in terms of disastrous results in markets, they’re all crazy! People who use Gaussian distributions have to believe in the Tooth Fairy to believe that—but it’s easy to teach. I once asked a surgeon why he still did an outdated procedure. “Because it’s so easy to teach!” There’s more of that in university finance departments than you’d believe. That stuff has no utility at all, but they keep on teaching it.
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Life can only be understood backwards—but it must be lived forwards
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kulman
Senior Member
Joined: 02/Sep/2006
Location: India
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Posts: 9319
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Posted: 22/May/2007 at 6:06pm |
Finance taught in business schools is about 50% twaddle. We early recognized that very smart people do very dumb things. We wanted to figure out when and why…and who, so we could avoid them.---Charlie Munger
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Life can only be understood backwards—but it must be lived forwards
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