“There is nothing reliable to be learnt about making money. If there were, study would be intense and everyone with a positive IQ would be rich.” — John Kenneth Galbraith.

“Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game. If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change. I always knew that, but they were teaching my colleagues that the market is so efficient that no-one can beat it. I never went near a business school, so my mind wasn’t polluted by this craziness. People are trying to be smart — all I am trying to do is not to be idiotic, but it’s harder than most people think.” — Charlie Munger...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now