Cigar Butts in the Institutional Imperative

Berkshire Hathaway co-founder Charlie Munger says he has made mistakes in his business career. His first mistake was buying control of Berkshire at a price that looked cheap, but it turned out to be an aberrations and not the full prices of today. He also bought Haas Child Cone for about what he had paid before selling three years later. Munger: "Time is the friend of the wonderful business, the enemy of the mediocre"