STREET DOGS
Charlie’s advice is to ask: ‘And then what?’
The three small words that have regularly kept Charles Munger and partner Warren Buffett from good-sounding investments, writes Michel Pireu
The words, "And then what?" are the three that Charles Munger claims have regularly kept both him and his partner Warren Buffett from good-sounding investments that subsequently fail to reward. "The simplest way in which to stay clear of ideas that promise short-term pleasure," he says, "is to ask, ‘And then what?’ to make sure that knowable, long-term pain is not destined to follow." Buffet provides some added thoughts to Munger’s "And then what?" by saying that he finds it amazing how easily people are willing to risk what they have and what they need for what they don’t really need and very likely cannot have.
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