I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.
Charlie MungerOver the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.
Charlie MungerWhat's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the business itself could probably not have borrowed even $100 million. But the owners of that business, because its public, could borrow many billions of dollars on their little pieces of paper- because they had these market valuations. But as a private business, the company itself couldn't borrow even 1/20th of what the individuals could borrow.
Charlie Munger