If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.
Charlie MungerI have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I've reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life
Charlie MungerA lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.
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