Charlie Munger on what makes a good business: “What really makes it work is, the business school term is durable competitive advantage, which is a pretty good term. You really want an advantage that, nourished without overwhelming skill, will keep working for you for a long, long time.” And on what to avoid: “You want to avoid a business which is just so brutally competitive that nobody does well over the long pull.”

Charlie Munger: "I would expect Microsoft and Apple and Alphabet to be strong fifty years from now. Really strong." "[But] it's hard to predict how your world is going to change [in] 70, 80, 90 years. Just think, they wiped out the shareholders of General Motors, they wiped out the shareholders at Kodak. Who in the hell would have predicted that? Technological change can destroy a lot of people."