Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 45

There are huge advantages for an individual to get into a position where you make a few great investments and just sit back and wait: You're paying less to brokers. You're listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 45 · Verified：2026-10-19 · Verification：Short excerpt

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