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5min chapter
TIP494: The Worldly Wisdom of Charlie Munger
We Study Billionaires - The Investor’s Podcast Network
The Importance of Incentives in Business
Buffett and Munger have worked persistently on making purchases they thought were right for Berkshire. They're adamant about never taking on unreasonable levels of risk or using leverage to achieve reasonable returns going forward. Having the long time loyal trustworthy shareholders that trusted him allowed him not to worry about inevitable quarters which didn't turn out as well as he hoped.
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