Book of the day - Charlie Munger The Complete Investor by Tren Griffin
I’m going to keep this review short.
Takeaways:
See’s candy was a great example of a company with pricing power. You can raise the price of See’s candy and customer’s will not run away.
Grahams Value investing and Buffet’s “value investing” strategies are different. They share similarities at times, but are very different in execution.
Diversification is dumb. Be good at what you are good at. Diversification was sold to people by the financial managers.
This book was too all over the place for me. It’s a collection of Charlie Munger’s quotes throughout the years. Each quote is then discussed as at length as to what Charlie meant by it. This jumping around from quote to quote made it confusing and tiring to put down and pick up days later. Each quote was also followed by where it was said and the date.
After awhile I figure I’m better off finding a recording of the speeches he gave to USC, UCSB, and Harvard that were the sources for this book than listening to a string of quotes from those speeches.
In the end, I’m glad I can call this book finished and I would not recommend you read it. Go on youtube and find speeches by Charlie Munger and save yourself.
