limited partnerships that do some combination of the following: unleveraged investment in high-tech corporations in their infancy; leveraged investme… - Charlie Munger
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limited partnerships that do some combination of the following: unleveraged investment in high-tech corporations in their infancy; leveraged investments in corporate buyouts; leveraged relative value trades in equities; and leveraged convergence trades and other exotic trades in all kinds of securities and derivatives.
Charles Thomas Munger (January 1, 1924 – November 28, 2023) was Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by investor Warren Buffett.
This sort of tragedy is caused by letting the slop run. You must stop slop early. It’s very hard to stop slop and moral failure if you let it run for a while.
Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris—I wanted the independence. I desperately wanted it.
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"To (Cicero), pride in a job well done is vastly constructive. For instance, it motivates good conduct in early life because, in remembrance, you can make yourself happier when old. To which, aided by modern knowledge, I would add "and, besides, as you pat yourself on the back for behaving well, you will improve your future conduct.
