59 Quotes by Daniel Pecaut

Munger noted that high profits on capital often rely on information inefficiencies.

As a value investor, your ideal situation is to find a company increasing its intrinsic value. Ideally, the company would be one with a declining stock price, thus creating an even better bargain as time unfolds. No one has employed these principles more effectively than Buffett and Munger.

Buffett chimed in that most buybacks are done at any price, which makes no sense. Very rarely do you see metrics to govern the prices paid. Buybacks above intrinsic value destroy value.

One of Buffett’s annual themes is the value of learning. He noted that life properly lived is learning, learning, learning all the time. He observed that being wrong is when he learns the most.

Buffett wanted to make sure that Nebraska got their sales tax. He was adamant about making sure that Berkshire paid – not more taxes than it had to, but the taxes that it was responsible for.