Disclose what you would want told
“Generally, we are trying to disclose the things we like to be told, in the form we prefer, when roles are reversed and we are passive investors.”
Investing
Charlie Munger's 1979 letter to Blue Chip Stamps shareholders, one of the letters in Blue Chip Stamps and Wesco Letters, 1977–2009.
Fair-dealing culture plus decent economics pays
“We believe [a fair dealing culture], if maintained, in a business with at least reasonably attractive economic characteristics, will almost always produce good long-term business results and, accordingly, are optimistic about the future of our new subsidiary.”
Market success is won slowly
“Success in the market has to be won slowly, if it can be won at all, through creating a desirable value for customers.”
Getting names right earns belief
“'If you don't get the reader's own name right,' asked Kirchhofer, 'why should he believe you are correct in whatever else you report?'” — Alfred H. Kirchhofer
Investing in the right people's shadows
“At Blue Chip Stamps we are in part engaged in the business of trying to invest in the lengthened shadows of the right sort of people.”
Recognised mistakes as grounds for hope
“One cause of our hope for a higher return is our recognition of how many mistakes we made in the course of earning 15% on equity in the decade just past.”
Not deluded by satisfactory numbers
“We remind shareholders of [inflation and real returns] because we want them to know that we are not deluded by historically satisfactory numbers into believing all is well for them.”