happened between Charlie Munger and Warren Buffett? ——
At the initial of the business deal, Buffett resisted: “But Charlie, that’s three times book value and a high multiple!” Munger’s reply (one of his most famous lines): “I have a mental disease where I want to pay up for truly wonderful businesses. This is one of them. If we don’t buy it for $25 million, someone else will, and we’ll be kicking ourselves for the rest of our lives.”
Later on, quoted by Buffett: “See’s Candies taught us the most important lesson of our careers: It’s far better to buy a wonderful business at a fair price than a fair business at a wonderful price.”
