How to Avoid Toxic People

Charlie Munger believes that if you use the influence you have in continually exercising good judgment every single day, then ultimately you're very likely to end up with a good outcome. Warren Buffett bought $30 billion of Apple five years ago and it was an enormous bet for him. In my portfolio, I have Apple as a very large holding, and it's one that I've studied for a long period of time. All these companies trade at the mid-20s Ford PE ratios because they're such good consumer staples.