Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 34

If you invested Berkshire Hathaway-style, it would be hard to get paid as an investment manager as well as they're currently paid—because you'd be holding a block of Wal-Mart and a block of Coca-Cola and a block of something else. You'd just sit there. And the client would be getting rich. And, after a while, the client would think, "Why am I paying this guy half a percent a year on my wonderful passive holdings?"

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 34 · Verified：2026-10-19 · Verification：Short excerpt

公开存档的演讲记录；只摘录并链接存档原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library