29 April 2013

Charlie Munger: Think Like An Investor

Charlie Munger's Thoughts on Just About Everything: "I have a friend here in Los Angeles whose father owned a little machine shop. He was accepted into the Harvard Business School, but he asked to defer his admittance for one year so he could help run his father's business. A year later, he asked if he could defer again. Harvard asked, "One year ago, how many employees did your dad's business have?" "Fifty," he said. "And how many does it have now?" they asked. "Nine hundred," he said. They told him he didn't need Harvard, and maybe he could just come back in a few years and endow the place. This type of thinking is no longer present at Harvard, which is too bad. Business school teaches from the perspective of a career in business, not as an investor in business. But there are great benefits to thinking like an investor."

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