If Charlie Munger’s opinions are strongly worded, it is because his confidence in his views has been earned through decades of successful investing experience.
“I think most people should avoid leverage, but maybe not everybody need play by those rules. I have a friend who says, ‘The young man knows the rules, and the old man knows the exceptions.’ At least if he's lived right, he knows them.”
“I think most people should avoid leverage, but maybe not everybody need play by those rules. I have a friend who says, ‘The young man knows the rules, and the old man knows the exceptions.’ At least if he's lived right, he knows them.”
Charlie indeed learned from Rick's mistake
Nice summary, Gary! Thank you!
Thanks for pulling out these gems! Well written and enjoyable.