Great companies at a seemingly high price are better than mediocre companies at a seemingly low price

If a business earns 18% per year on capital over 20 or 30 years, even if you pay an expensive looking price, you’ll end up with a fine result.

Charlie Munger – Vice Chairman of Berkshire Hathaway (1924-2023), from his speech “A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business” at the USC Business School (1994)