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TIP598: A Tribute to Charlie Munger
We Study Billionaires - The Investor’s Podcast Network
Investing in Wonderful Businesses at Fair Prices
Investing in wonderful businesses at fair prices is a more sustainable investment strategy compared to buying fair businesses at wonderful prices. While purchasing cheap businesses worked for Buffett initially, Munger believed that buying great businesses at fair prices allowed for scalability. An early example was Berkshire's acquisition of Seas Candy in 1972 for $25 million, which yielded over $2 billion in profits from a purchase multiple of six times earnings.
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