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Kindle Notes & Highlights
Their genius in identifying and evaluating intangibles sets them apart.
Buffett and Munger are set apart by their mastery at business valuation and relentless rationality in implementing this approach.
Those two pieces—the insurance company as a platform and high-quality brands as cash generators—built the base for the wealth-compounding machine that is Berkshire Hathaway.
one significant personal benefit of value investing is peace of mind.
great value investors, like Buffett and Munger, sleep like a baby—provided they follow simple timeless principles.
people should learn from them and model their advice rather than copy their behavior.
Buffett suggests that the best investment you can make is in yourself.
Value is what a business is worth. Price is what you have to pay to get it.
Buffett said he pays no attention to economic outlooks. His decisions are based simply on intrinsic business values.
be fearful when others are greedy and to be greedy only when others are fearful.
Munger added that the worst mistakes are made from the nicest graphs and what is really needed is “enlightened common sense.”
“If investors only had to study the past, the richest people would be librarians.”
“It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” – Warren Buffett
“Do what you enjoy the most. Work for people you admire. You can’t miss if you do that.”
You only need one good player to make a difference.
The danger of relying on historical statistics or formulas is that you end up betting on a 14-year-old horse with a great record but is now ready for the glue factory.
real key to investment success is to have the right mindset with a temperament compatible with those principles.
As long as you stay within your circle of competence (and know where the perimeter is), you will do fine.
“It is crazy to give up something you know for something you do not.”
