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Charlie munger's five most useful quotes to become a billionaire hey guys today we're going to talk about Charlie munger's five most useful quotes to become a billionaire let's get right into it number one over the long term it's hard for a stock to earn a much better return than the business which underlies it earns if the business earns six percent on Capital over 40 years and you hold it for that 40 years you're not going to make much difference than a six percent return even if you originally buy it at a huge discount conversely if a business earns 18 on Capital over 20 or 30 years even if you pay an expensive looking price you'll end up with one hell of a result although Monger stated this nearly two decades ago it appears to be the ideal reason for Buffett's investment in the tech Titan although IBM had traded in the 70 to 120 dollar area for much of the last decade both it did not begin purchasing shares until the price was above 150 dollars and the majority of his IBM shares were mostly likely purchased for 160 to 175 dollars at the time putting aside Buffett's earlier aversion to technology it struck many as particularly atypical of Buffett to purchase shares in a firm trading at an all-time high experts believe it's important to recall that buff had paid a high price for Seas candies and Geico Insurance because he liked the company's capacity to create big Returns on Capital with little reinvestment but for the examined IBM's Five-Year Plan which intends to increase earnings per share from 12 to 25 percent within five years and concluded that management had a competent strategy in place to achieve that goal even if the stock market is at an all-time high Buffett believed that great growth is ahead number two all intelligent investing is value investing acquiring more than you are paying for you must value the business in order to Value the stock Monger famously assesses a company's earnings power estimates how many shares exist and then determines how much each share should trade for Charlie Munger checks the company's pricing to his own analysis after bringing it up and if the price is noticeably lower than monger's calculation he has the confidence to make large bets if Monger sees craft generating 3.2 billion dollars per year he will consider the quality of the earnings before deciding how much he would pay for the entire company before even considering what Mr Market has to offer he determines his own price based on the number of shares outstanding number three acquire worldly wisdom and adjust your behavior accordingly if your new Behavior gives you a little temporary unpopularity with your peer group than to hell at them Monger has never been afraid to go against the grain and be mocked when his particular investing method is not popular among his peers Monger like Buffett piled into Wells Fargo shares for his firm Wesco in 1991-92 which was heavily panned by Barons The Wall Street Journal and analysts covering both companies today we see the same thing while popular opinion is against the banking sector Buffett has been adding billions of dollars to his Wells Fargo position this here and he doesn't care if you like it or not when you have your own rationale for doing something and believe in it stick with it no matter what others say after all it's your money on the line number four experience tends to confirm a long-held notion that being prepared on a few occasions in a lifetime to act promptly in scale in doing some simple and logical thing will often dramatically improve the financial results of that lifetime a few major opportunities clearly recognizable as such will usually come to one who continuously searches and waits with a curious mind that loves diagnosis involving multiple variables and then all that is required is a willingness to bet heavily when the odds are extremely favorable using resources available as a result of prudence and patience in the past despite having over 100 Holdings ranging from commercial real estate to publicly traded stocks Munger has made numerous major Wagers that have contributed to his financial success throughout the course of his career in addition to Berkshire Hathaway shares which has contributed the majority of monger's personal wealth he has made us small fortune in the stock of only seven companies American Express Johnson and Johnson Coca-Cola craft U.S Bancorp Procter and Gamble and Wells Fargo number five the number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive Advantage looking for more value in terms of discounted future cash flow than you are paying for move only when you have an advantage Monger is obsessed with companies competitive advantages and it's simple to see why Eastman Kodak was a century-old company that looked after its owners for over 90 years but its shares have dropped from 48 dollars in 2000 to 2001 to Penny Stock starters today Eastman kodak's portfolio is now worth little more than its Rich patent portfolio and even if you believe the company is primed for a Revival you must admit that it's a shell of what it was 15 to 20 years ago Monger favors corporations such as Coca-Cola and Proctor and Gamble because he feels their brand identities are strong enough to last for decades after all a startup dish soap company is unlikely to be able to manufacture a cheaper product than Colgate Palmolive due to its massive economies of scale and most likely people will stick with the brand name they recognize and Trust if all else is equal
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