By
Borsgade
It’s not often that Chalie Munger, Vice Chairman of Berkshire Hathaway, gets interviewed. And with an altar over the age of 90, it may not be so strange. Nevertheless, the Acquired Podcast persuaded Munger to spend no less than an hour in their company discussing a wide range of his investments over time and what he has learned from them.
We bought this little pissant department store chain in Baltimore, big mistake, too competitive, as the ink dried on the closing papers we realized we’d made a terrible mistake.
So we decided just to reverse it. Take the hit to look foolish rather than go broke. We just told “get us out of this”. By that time we’d already financed half of it on covenant free debt and so forth.
And they had all this extra cash, and our own stocks got down to selling an enormous… we just in the middle of one of those recessions we just bought and bought and bought and bought.
And all that money went right to those stocks and of course we tripled it just by sitting on our ass.
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