Specifically, said Munger, "Ben Graham had blind spots. He had too low an appreciation of the fact that some businesses were worth paying big premiums for." (查看原文)
There are people-very few-worth paying up a bit to get in with for a long-term advantage. The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple. (查看原文)
Buffett agrees with Loomis' explanation. "Charlie shoved me in the direction of not just buying bargains, as Ben Graham had taught me. This was the real impact he had on me. It took a powerful force to move me on from Graham's limiting view. It was the power of Charlie's mind. He expanded my horizons."
Buffett says he slowly came around to Munger's point of view on many points. "I evolved," Buffett said. "I didn't go from ape to human or human to ape in a nice, even manner."
To that Buffett has added a simple observation: "Boy, if I had listened only to Ben, would I ever be a lot poorer."
In spite of what he says, it didn't take long for Buffett to put together what he had learned from Graham and what he was learning from Munger. "I became very interested in buying a wonderful business ... (查看原文)
What Charlie finds interesting when thinking back about all this progress is how few big business decisions were involved in creating billions of dollars out of less than $40 million, fewer than one every three years. "I think the record shows the advantage of a peculiar mind-set-not seeking action for its own sake, but instead combining extreme patience with extreme decisiveness. (查看原文)
