“We were very lucky early. The habit of buying horrible businesses that were really cheap, gave us a lot of experience trying to fix unfixable businesses as they headed downward toward doom. That early experience was so horrible – fixing the unfixable – that we were very good at avoiding it thereafter. So I would argue our early stupidity helped us… But you have to try it for a long time and fail and have your nose rubbed in it to really understand it.”
—Charlie Munger.
