What Charlie Munger thinks about market efficiency

@charlie-munger · 50 positions · 0 changes of mind

Warren Buffett's business partner and vice chairman of Berkshire Hathaway; also chaired Wesco Financial Corporation from 1984 to 2011, where he wrote its annual letters himself.

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Charlie Munger did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

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Only Charlie Munger on market efficiency. See everyone on market efficiency

1 dated position, c. 1994, in their own words. Our reading of what Charlie Munger has said — not written or endorsed by them.

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1. c. 1994

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

   innovation

   Their wordsthere 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.

   ↗A Lesson on Elementary Worldly Wisdom As It Relates To Investment Management & Business (USC Business School, 1994)fs.blog 8th of 13 in this piece