Charlie Munger: "Everybody knows some companies are better than others. What makes it difficult is they sell at higher prices in relation to assets and earnings and so forth. If all you had to do was figure out which companies were better, any idiot could make a lot of money."
"It’s Not What You Buy, It’s What You Pay for It That Determines Whether Something Is a Good Investment."
"Bottom Line: there’s no such thing as a good or bad idea regardless of price!"
"I keep going back to what Charlie Munger said to me, which is none of this is easy, and anybody who thinks it is easy is stupid. It is just not easy. There are many layers to this, and you just have to think well.”
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