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In a lousy business, wonderful new inventions can give owners nothing, because the gains from improvements flow through to the customers

Drawn from what Charlie Munger said

Subjectsmarket efficiencyinnovation
What this subject means

innovation Where new things come from and how they spread: invention against diffusion, and being near the factory floor.

What Charlie Munger actually said

  1. Charlie Munger Warren Buffett's business partner and vice chairman of Berkshire Hathaway
    there are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. The money still won’t come to you. All of the advantages from great improvements are going to flow through to the customers.

    Where this was said

    ↗A Lesson on Elementary Worldly Wisdom As It Relates To Investment Management & Business (USC Business School, 1994)fs.blog

    c. 1994

    All 13 korrents from this piecethis one is 8th

Added to korrents 9 Oct 2026 · How quotes work · Something wrong? Tell us

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