I am working on a new “mental models” series for the blog. The writing is taking a bit longer than I thought, so in the interim here is something light. I have paired each movie quote with an appropriate Charlie Munger quote.
- “Buy low, sell high. Fear? That’s the other guy’s problem.” Louis Winthorpe III. Trading Places.
Charlie Munger: “Look for more value in terms of discounted future cash flow than you’re paying for. Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.”
- “Don’t you see what’s happening? Potter isn’t selling. Potter’s buying! And why? Because we’re panicking and he’s not. That’s why. He’s picking up some bargains.” George Bailey. It’s a Wonderful Life.
Charlie Munger: “For a security to be mispriced, someone else must be a damn fool…
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“What these [Wu-Tang clan] guys have done — without taking a single business school course — is to go right to the head of the class in terms of strategy development.” James Cash, Harvard Business School (New York Times, 1996)
Rza (Robert Fitzgerald Diggs) grew up in Brooklyn and Staten Island. He learned about business by actually being in business on the street from an early age. As Warren Buffett likes to say: “Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.” Rza hustled and learned early in life how to operate and negotiate as an entrepreneur. Buffett says the earlier in life you are in business the better it is for your business skills since you can learn…
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