We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good idea. And indeed, it's proven to be an obviously good idea. Yet 98% of the investing world doesn't follow it. That's been good for us.
Charlie MungerIโd say that Berkshire Hathawayโs system is adapting to the nature of the investment problem as it really is. Weโve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big moneyโs been made in the high quality businesses. And most of the other people whoโve made a lot of money have done so in high quality businesses.
Charlie Munger