We don't want to make our money selling things that are bad for people.
Meaning
At the 2021 Berkshire meeting Munger set out a simple boundary for how the company earns money: no profit from harming customers. Reputation and conscience protect a business over decades. When weighing a new product or side income, ask whether you would be comfortable if your customer knew exactly what you knew.
Source: Berkshire Hathaway Shareholders Meeting (2021)
About the author
(1924–2023) was an American investor, businessman, and vice chairman of Berkshire Hathaway, where he worked closely with Warren Buffett. Known for his sharp intellect and multidisciplinary thinking, Munger emphasized rational decision-making and long-term investing. He advocated for understanding multiple fields of knowledge to make better judgments, a concept he called a ‘latticework of mental models.’ His insights on psychology, economics, and business have influenced investors worldwide. Munger’s straightforward communication style and wisdom made him a respected figure in finance. His legacy continues to shape modern investment philosophy and critical thinking.
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