Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 20

Over the years, we've tried to figure out why the competition in some markets gets sort of rational from the investor's point of view so that the shareholders do well, and in other markets, there's destructive competition that destroys shareholder wealth.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 20 · Verified：2026-10-19 · Verification：Short excerpt

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