An Excursion Through Financial Theory and Corporate Finance with Warren Buffett
Berkshire Hathaway is a didactic enterprise teaching the right systems of thought.
—CHARLIE MUNGER [CITED IN LOWE, 2000, P. 175]
Investment Theory (Efficiency and Rationality of Financial Markets, Risk, Uncertainty, and Portfolio Diversification)
The market is there only as a reference point to see if anybody is offering to do anything foolish.
—WARREN BUFFETT [CITED IN LOWE, 2007, P. 129]
“My friend Warren Buffett and I”—Charlie Munger says—“entered the business world to find huge, predictable patterns of irrationality. These irrationalities were obviously important ...