The first-ever podcast with Charlie Munger just came out!
Here are my quick notes and observations:
1. There’s no one better at Focus
Very few people are so good at focusing on the big picture.
Charlie doesn’t care about details.
For him, an idea is either obviously great or obviously awful. He doesn’t care about details.
A business that makes money and has earnings power is a great business.
A business that lacks pricing power or competitive advantages is a bad company. That’s it. No looking at details or „could be‘s.“
2. The Best Ideas often Develop into it
Munger often talks about having only a handful of great ideas in a lifetime.
But you won't always be able to tell at first sight whether something is such an opportunity or not.
Many companies will develop into such opportunity over time.
3. Old Ideas block new Ones
The biggest obstacle to improvement are old ideas, especially when they were good.
This is true for people as well as companies.
Keep being open to new ideas, otherwise, you'll eventually be out of touch.
4. Start Early and Keep at it
No matter where you look for success, starting early and keeping at it will always be the key to reaching your goal.
Compounding isn't a term for investing. It's a term for life.
That's it! The interview was fantastic and you need to listen to it!
Shoutout to Ben and David for making that happen @AcquiredFM

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