121 "An excess of what ... " Charles T. Munger, speech at Miramar Sheraton Hotel, Santa Monica, CA, on October 14, 1998 to a meeting of the Foundation Financial Officer Group, Outstanding Investor Digest, 1998 Bonus Edition. p.2.
301
125
'Tm all for fixing... " Wesco Financial annual meeting, 1998, Outstanding Investor Digest, March
13, 1998, p.57.
126
"We try and predict..." Wesco Financial annual meeting, 2001, Wesco Special Report,
Outstanding Investor Digest, OID.COM Edition, 2003, p.l.
127
"We believe the... " Berkshire Hathaway Inc., 1996 Annual Report, p.9.
127
"Economics involves too... " Academic Economics: Strengths and Faults After Considering
Interdisciplinary Needs, Herb Key Undergraduate Lecture, University of California, Santa Barbara,
Economics Department, October 3, 2003, http://www.tilsonfimds.com/MungerUCSBspeech.pd£
131
"The proposal should... " Berkshire Hathaway Inc., 2004 Annual Report, p.8.
132
"Both we and our... " Berkshire Hathaway Inc., 2001 Annual Report, p.14.
132
"In some businesses... " Lecture by Charles T. Munger to the students of Professor Guilford
Babcock at the University of Southern California School of Business on April 14, 1994,
Outstanding Investor Digest, May 5, 1995, pp.52-54
134
"It is not necessary..." Berkshire Hathaway Inc., Letters to Shareholders, 1994, p.147.
137
"For years it was... " Lecture by Charles T. Munger to the students of Professor William Lazier
at Stanford Law School, Outstanding Investor Digest, March 13, 1998, p.48.
145
"Catastrophe insurers... " Berkshire Hathaway Inc., Letters to Shareholders, 1992, p.113.
146
"Even if perfection... " Berkshire Hathaway Inc., 1996 Annual Report, p.9.
146
"Given the risks... " Berkshire Hathaway Inc., Letters to Shareholders, 1994, p.153.
146
"We do, though,... " Berkshire Hathaway Inc., Letters to Shareholders, 1995, p.169.
146
"In setting prices and... " Berkshire Hathaway Inc., 2001 Annual Report, p.8.
147
"No one knows... " Berkshire Hathaway Inc., 2001 Annual Report, p.8.
157
"Here were 16 extremely... " Berkshire Hathaway annual meeting, 1999, Outstanding Investor
Digest, December 31, 1999, pp.55-56.
160
"How many of these... " Berkshire Hathaway annual meeting, 1999, Outstanding Investor Digest,
December 10, 1999, p.56.
160
"You may consciously... " Berkshire Hathaway Inc., Letters to Shareholders, 1993, p.136.
160
"We expect all... " Berkshire Hathaway Inc., 2000 Annual Report, p.7.
169
"If you're going... " The Psychology of Human Misjudgment, Talk at the Cambridge Center for
Behavioral Studies, April 24, 1995.
176
"People like to look... " Berkshire Hathaway annual meeting, 1989, Outstanding Investor Digest,
June 23, 1989, p.9.
176
"Conditions relating to... " Berkshire Hathaway annual meeting, 1992, Outstanding Investor
Digest, June 22, 1992, p.45.
176
"The same mistake... " Berkshire Hathaway Inc., Letters to Shareholders, 1988, p.23.
177
"The water system... " Wesco Financial annual meeting, 1990, Outstanding Investor Digest, June
28, 1990, pp.20-21.
179
"It is assumed by... " Wesco Financial Inc., 1989 Annual Report, (Berkshire Hathaway Inc.,
Letters to Shareholders, 1987-1995, p.193.)
185
"You rend to forget. .. " Wesco Financial annual meeting, 1998, Outstanding Investor Digest,
December 29, 1998, p.50.
185
"Triumphs are trumpeted ... " Berkshire Hathaway Inc., 2000 Annual Report, p. 10.
185
"Managers rend to... " Berkshire Hathaway annual meeting, 1999, Outstanding Investor Digest,
December 31, 1999, p.60.
185
"Berkshire is basically... " Berkshire Hathaway annual meeting, 1994, Outstanding Investor
Digest, June 23, 1994, p. 31.
Part Four
Page
189 "If you ask not... " Wesco Financial annual meeting 1999, Outstanding Investor Digest, December 31, 1999, p.37.
302
190
"If you get... " Lecture by Charles T. Munger to the students of Professor William Lazier at
190
Stanford Law School, Outstanding Investor Digest, December 29, 1997, p. 25.
"Disney is an... " Lecture by Charles T. Munger to the students of Professor William Lazier at
191
Stanford Law School, Outstanding Investor Digest, March 13, 1998, pp.55-56.
'The models that come... " Lecture by Charles T. Munger to the students of Professor Guilford
Babcock at the University of Southern California School of Business on April 14, 1994,
191
Outstanding Investor Digest, May 5, 1995, pp.50-51.
"In most messy human... " Wesco Financial annual meeting, 2000, Outstanding Investor Digest,
191
December 18, 2000, p.52.
"Suppose you want... " Lecture by Charles T. Munger to the students of Professor William Lazier
192
at Stanford Law School, Outstanding Investor Digest, December 29, 1997, p.26.
"If you don't... " Wesco Financial annual meeting 1999, Outstanding Investor Digest, December
192
31, 1999,p.40.
"Have a full kit... "Academic Economics: Strengths and Faults After Considering Interdisciplinary
192
Needs, Herb Key Undergraduate Lecture, University of California, Santa Barbara, Economics Department, October 3, 2003, http://www.tilsonfunds.com/MungerUCSBspeech.pd£
"You get lollapalooza ... " Lecture by Charles T. Munger to the students of Professor William
Lazier at Stanford Law School, Outstanding Investor Digest, December 29, 1997, p.25.
199
"Bad terminology is... " Berkshire Hathaway Inc., 2001 Annual Report, p.10.
201
"We use the... " Berkshire Hathaway annual meeting, 1997, Outstanding Investor Digest, August
202
8, 1997, p.18.
"In the end... " Berkshire Hathaway annual meeting, 2001, Outstanding Investor Digest, Year End
202
2001 Edition, p.37.
'These numbers routinely... " Berkshire Hathaway Inc., Letters to Shareholders, 1986, p.142.
202
"When companies or... " Berkshire Hathaway Inc., 2001 Annual Report, p.10.
203
"Trumpeting EBITDA... " Berkshire Hathaway Inc., 2002 Annual Report, p.21.
203
"If somebody's reinvesting... " Berkshire Hathaway annual meeting, 1998, Outstanding Investor
203
Digest, September 24, 1998, p.36.
"Intrinsic value is an... " Berkshire Hathaway Inc.2001 Annual Report, An Owner's Manual, p.67.
204
"Using precise numbers... " Berkshire Hathaway Inc., 2000 Annual Report, p.13.
204
"What you're trying to... " Berkshire Hathaway annual meeting, 2002.
204
"Growth can destroy... " Berkshire Hathaway Inc., 2000 Annual Report, p.13.
204
"First, we try to... " Berkshire Hathaway Inc., Letters to Shareholders, 1992, p.117.
205
"We try... to keep... " Berkshire Hathaway Inc., 2000 Annual Report, p.14.
205
"take all
of the... " Berkshire Hathaway annual meeting, 2004, Outstanding Investor Digest,
205
December 31, 2004, p.34.
"If we're trying... " Berkshire Hathaway annual meeting, 2004, Outstanding Investor Digest,
205
December 31, 2004, p.34.
"You'd try to ... " Berkshire Hathaway annual meeting, 1994, Outstanding Investor Digest, June
205
23, 1994, p.26.
"For our discount ... " Berkshire Hathaway annual meeting, 1996, Outstanding Investor Digest,
206
August 8, 1996, p.28.
"And that discount... " Berkshire Hathaway annual meeting, 1998, Outstanding Investor Digest,
206
September 24, 1998, p.36.
"We love owning... " Berkshire Hathaway Inc., 2002 Annual Report, p.16.
206
"We believe that... " Berkshire Hathaway annual meeting, 1995, Outstanding Investor Digest,
206
August 10, 1995, p.12.
"We are very inexact. .. " Berkshire Hathaway annual meeting, 1990, Outstanding Investor Digest,
206
May 31, 1990,p.25.
"When we look... " Berkshire Hathaway annual meeting, 1998, Outstanding Investor Digest,
September 24, 1998, p.37.
303
208
"If you and I..." Berkshire Hathaway annual meeting, 1999, Outstanding Investor Digest,
December 10, 1999, p.48.
208
"I would say... " Berkshire Hathaway annual meeting, 2005, Outstanding Investor Digest, March
209
9, 2006, p.60.
"One friend of mine... " 1994 Lecture ofThe E. J. Faulkner Lecture Series, A Colloquium with
University of Nebraska-Lincoln Students by Warren E. Buffett, p.6.
209
"My conclusion from... " Berkshire Hathaway Inc., Letters to Shareholders, 1985, p.108.
212
"We have a passion... " Wesco Financial annual meeting, 2002.
212
We haven't succeeded ... " Berkshire Hathaway annual meeting, 2005, Outstanding Investor
Digest, March 9, 2006, p.62.
212
"If something is... " Berkshire Hathaway annual meeting, 2006.
212
"I generally try... " Berkshire Hathaway annual meeting, 2006.
213
"Charlie and I decided... " Berkshire Hathaway Inc., Letters to Shareholders, 1993, p.134.
213
"Part of that... " Berkshire Hathaway annual meeting, 2004, Outstanding Investor Digest,
December 31, 2004, p.32.
213
"Yeah, we don't... " Berkshire Hathaway annual meeting, 2004, Outstanding Investor Digest,
December 31, 2004, p.32.
213
"The harder you... " Wesco Financial annual meeting, 2006.
214
'Tm a follower... " Wesco Financial annual meeting, 2002, Outstanding Investor Digest,
December 31, 2002, p.38.
214
"There are things... " Wesco Financial annual meeting, 2002, Outstanding Investor Digest,
December 31, 2002, p.26.
214
"Easy does it. .. " Berkshire Hathaway Inc., Letters to Shareholders, 1989, p.62.
215
"We basically have... " Berkshire Hathaway annual meeting, 1995, Outstanding Investor Digest,
August 10, 1995, p.20.
215
"I've heard Warren... " Berkshire Hathaway annual meeting, 1997, Outstanding Investor Digest,
September 24, 1998, p.38.
215
"A... serious problem... " Berkshire Hathaway Inc., 1996 Annual Report, pp.15-16.
216
"I love focused ... " Berkshire Hathaway annual meeting, 1996, Outstanding Investor Digest,
August 8, 1996, pp.24-25.
216
"There are two questions... " Berkshire Hathaway, press conference, May 2001.
217
"In allocating capital. .. " Berkshire Hathaway Inc., 1998 Annual Report, p.12.
217
"If you feel like... " Berkshire Hathaway annual meeting, 1996, Outstanding Investor Digest,
August 8, 1996, pp.23-24.
217
"A few major opportunities... " Wesco Financial Inc., 1996 Annual Report, p.6.
218
"Any time anybody... " Lecture by Charles T. Munger to the students of Professor Guilford
Babcock at the University of Southern California School of Business on April 14, 1994,
Outstanding Investor Digest, May 5, 1995, p.62.
218
"What counts in this... " Berkshire Hathaway Inc., 2001 Annual Report, pp.7-9.
219
"We really can... " Berkshire Hathaway annual meeting, 1998, Outstanding Investor Digest,
September 24, 1998, p.48.
220
"Our definition of... " Berkshire Hathaway annual meeting, 2000, Outstanding Investor Digest,
December 18, 2000, pp.39-40.
222
"Generally speaking... ", Wesco Financial annual meeting, 2002, Outstanding Investor Digest,
December 31, 2002, p.26.
225
"If you've got two... " Berkshire Hathaway annual meeting, 1997, Outstanding Investor Digest,
August 8, 1997,p.16.
227
"Look for someone... " Meeting with Warren Buffett May 23, 2005 - University of Maryland
Student Trek to Omaha.
228
"The key thing... " Berkshire Hathaway annual meeting, 1997, Outstanding Investor Digest,
August 8, 1997, p.23.
304
228
"All of the advantages... " Lecture by Charles T. Munger to the students of Professor Guilford
Babcock at the University of Southern California School of Business on April 14, 1994,
Outstanding Investor Digest, May 5, 1995, p. 56.
229
"Many of our..." Berkshire Hathaway Inc., Letters to Shareholders, 1985, p.108.
230
"If you're a captain ... " Lecture by Charles T. Munger to the students of Professor William Lazier
at Stanford Law School, Outstanding Investor Digest, March 13, 1998, pp.60-61.
231
"You've got a ... "Academic Economics: Strengths and Faults After Considering Interdisciplinary
Needs, Herb Key Undergraduate Lecture, University of California, Santa Barbara, Economics
Department, October 3, 2003, http:/ /www.tilsonfunds.com/MungerUCSBspeech.pdf.
232
"Leaving the question... " Berkshire Hathaway Inc., Letters to Shareholders, 1992, p.116.
232
"While an increase ... " Berkshire Hathaway Inc., Letters to Shareholders, 1985, p.109.
232
"return on beginning... " Berkshire Hathaway Inc., Letters to Shareholders, 1980, p.27.
233
"Over the long term... " Lecture by Charles T. Munger to the students of Professor Guilford
Babcock at the University of Southern California School of Business on April 14, 1994,
Outstanding Investor Digest, May 5, 1995, p.61.
233
"Examine the record... " Berkshire Hathaway Inc., 2000 Annual Report, p.18.
233
"Finally, be suspicious ... " Berkshire Hathaway Inc., 2002 Annual Report, p.21.
234
"A few years ago... " Berkshire Hathaway Inc., Letters to Shareholders, 1991, pp.94-95.
235
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