In his own words · Quality & moats

“All intelligent investing is value investing — acquiring more than you are paying for.”

— Charlie Munger · Charlie Munger (restated across interviews and meetings)

As recalled from Charlie Munger (restated across interviews and meetings) — the sense is right but the wording is not verbatim.

A signature line he restated in varying forms; no single dated occasion pins this wording.

More Munger on Quality & moats

“A great business at a fair price is superior to a fair business at a great price.”

Poor Charlie's Almanack

Munger's own formulation — distinct from Buffett's 'a wonderful company at a fair price' version.

“The number one idea is to view a stock as an ownership of the business, and to judge the staying quality of the business in terms of its competitive advantage.”

Harvard Law Bulletin, 2001 · 2001

“We like the business great first. Then, second, we want a great manager. But we have not made a huge success by investing in great managers who take over lousy businesses. That is not the way we rose. If you're a lousy manager, you really need a great business.”

Daily Journal Corporation Annual Meeting (2023) · 2023 · where he said it ↗

“Practically everything dies in business. None of the eminents last forever. They're all on their way to dying, so other things can replace them and live.”

Daily Journal Corporation Annual Meeting (2023) · 2023 · as recalled · where he said it ↗

Transcripts split on one spoken word ('eminents' vs 'eminence') — no canonical spelling exists.

All quality & moats quotes