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3min chapter
TIP536: Buffett and Munger’s Principles and Mental Models
We Study Billionaires - The Investor’s Podcast Network
The Value of Longevity
Munger believes in finding management teams that are willing to defer gratification as well. He has been reading the Barons Magazine for more than 50 years and found only one actionable idea in it. It was a cheaply valued auto parts company which he bought at $1 per share, and sold a few years later at $15 per share. This earned him $80 million in profits. Munger then gave Li Liu the $80 million and Li Liu turned this into $400 million.
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