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Charlie Munger has the strongest coverage in these notes.
Organization
Organization
UNIVERSITY OF SOUTHERN CALIFORNIA
1 Books1 Highlights14 Themes
UNIVERSITY OF SOUTHERN CALIFORNIA appears across 1 book, with 1 highlight.
Books
Notes
Recurring themes
Consistently Not Stupid Beats Brilliant, Intrinsic Value Through Cash Flow Not Momentum, Stock as Business Ownership Not Ticker Symbol
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If you could take the stock price and multiply it by the number of shares and get something that was one third or less of sellout value, [Ben Graham] would say that you’ve got a lot of edge going for you. Even with an e…
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Highlights
"If you could take the stock price and multiply it by the number of shares and get something that was one third or less of sellout value, [Ben Graham] would say that you’ve got a lot of edge going for you. Even with an elderly alcoholic running a stodgy business, this significant excess of real value per share working for you means that all kinds of good things can happen to you. You had a huge margin of safety—as he put it—by having this big excess value going for you. —CHARLIE MUNGER, UNIVERSITY OF SOUTHERN CALIFORNIA (USC) BUSINESS SCHOOL, 1994"
Charlie Munger
Themes
Consistently Not Stupid Beats BrilliantIntrinsic Value Through Cash Flow Not MomentumStock as Business Ownership Not Ticker SymbolMr. Market as Servant Not MasterFree Cash Flow as Valuation BedrockBottom-Up Only ValuationIndependent Thought Over Herd RegressionSimplicity as Performance AdvantageBuy at One-Third of Sellout Value Then WaitShort-Term Predictions in the Too-Hard PileMargin of Safety Renders Prediction UnnecessaryChecklist Before CommitmentPrice Versus Value DisciplineProjections as Dressed-Up Delusion