10-K Diver @10kdiver:
1/4
This is hands down my favorite Charlie Munger quote.
As investors, we want to:
- Buy high quality businesses,
- At low prices, and
- Hold them for long periods of time.
Munger argues that *high quality* and *long periods of time* are far more important than *low prices*.
10-K Diver @10kdiver:
2/4
There’s so much to unpack here!
I hope this helps:
10-K Diver @10kdiver:
3/4
Here’s the *math* behind Munger’s quote — you knew this was coming!