In his own words
Munger on Quality & moats
3 sourced quotes. All themes →
“A great business at a fair price is superior to a fair business at a great price.”
Munger's own formulation — distinct from Buffett's 'a wonderful company at a fair price' version.
“All intelligent investing is value investing — acquiring more than you are paying for.”
A signature line he restated in varying forms; no single dated occasion pins this wording.
“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.”