Most coverage
Charlie Munger has the strongest coverage in these notes.
Organization
Organization
USC Business School
1 Books1 Highlights14 Themes
USC Business School 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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Ben Graham [had] his concept of “Mr. Market.” Instead of thinking the market was efficient, he treated it as a manic-depressive who comes by every day. And some days he says, “I’ll sell you some of my interest for way l…
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Highlights
"Ben Graham [had] his concept of “Mr. Market.” Instead of thinking the market was efficient, he treated it as a manic-depressive who comes by every day. And some days he says, “I’ll sell you some of my interest for way less than you think it is worth.” And other days, “Mr. Market” comes by and says, “I’ll buy your interest at a price that’s way higher than you think its worth.” —CHARLIE MUNGER, 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