![]() ![]() ![]() Munger has said that adopting a multidisciplinary approach in making decisions comes naturally to him. It is entirely possible and even likely that these ideas about the quality of a business in value investing evolved independently since the “cigar butt” stocks that Ben Graham talked about were disappearing. ![]() In any event, it really does not matter at this point in time who between them had this idea or that or any other idea first. However, Fisher’s ideas probably made Munger more confident that this focus on the quality of the business was the right approach. On the basis of my research that included a few e-mail exchanges with Phil Fisher’s son Ken, I am skeptical that Fisher’s view was the source of Munger’s emphasis on quality. Phil Fisher had a significant influence on Charlie Munger’s decision to invest in stocks based on a bargain relative to the quality of the business. ![]()
0 Comments
Leave a Reply. |