Smash Notes

Back to Charlie Munger's Interview with Todd Combs, with Todd Combs & Charlie Munger.

How Did Buffett's Punch Card Lead to Better Picks?

Investors should find the exceptional few businesses and then concentrate behind them. Buffett's 20-card punch idea illustrates the point well. With only 20 investment opportunities in life, one waits longer, studies harder, and acts only when an opportunity is worth using one of the 20 chances.

Transcript

Charlie Munger's Interview with Todd Combs ·

The Knowledge Project with Shane Parrish

More from this episode

  1. Why Does the Wooden System Work Like Gangbusters?Concentrating almost 100% of the playing time on his top seven players allowed them to get better and better during all the extra playing time.
  2. Why Did Charlie Munger See Wisdom as a Duty?Charlie Munger almost worships reason. Charlie Munger said you can argue that Henry Singleton did too, and certainly Warren Buffett does too.
  3. How Does Positioning Help Berkshire Hathaway Outperform Others?Positioning happens earlier than decisions and determines which options will be available when the decision arrives.

People

More answers like this

More with Charlie Munger

More with Shane Parrish

Related episodes

Plays from this note through the rest of the episode.

Note

Weekly highlights

One letter a week.

The notes worth hearing, with the minute they were said.