We've tried buying good companies with bad managers, and it led to predictable results—life's too short to change people from their natural approaches.
If you want to ruin your life, spend it trying to change your spouse; it's really stupid, and the same goes for business partnerships.
Munger emphasized that our success at Berkshire is due to avoiding the trouble of trying to reform bad managers; focus on hiring good ones instead.
Buffett reflects his partnership with Munger, highlighting the shift to buying wonderful businesses at fair prices, rather than just focusing on low-cost opportunities.
[
Collection
]
[
|
...
]