Sunday, May 6, 2012

Charlie Munger quotes on competition

These are also from yesterday's Berkshire Hathaway Annual Meeting (where Munger said he thought the U.S. would be lucky to get 1% REAL GDP growth over the next 20 years, and cited increased foreign competition as one reason):

"We have found in a long life that one competitor is frequently enough to ruin a business."

"The world is getting very much more competitive."