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A particularly intriguing fact that bears this out is that none of the six main kinship-naming systems in the world have terms for anyone who is less closely related than cousins. It is as though this is the natural limit for human communities, and everyone beyond that magic circle of cousins is a stranger of no particular importance.

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Robin Dunbar

Hon do vou and Warren evaluate an acquisition candidate? "We're light on financial yardsticks; we apply lots of subjective criteria: Can we must management? Can it harm our reputation? What can go wrong? Do we understand the business? Does it require capital infusions to keep it going? What is the expected cash flow? We don't expect linear growth; cyclicality is fine with us as long as the price is appropriate."

Poor Charlie's Almanack by Charles T. Munger

Charles T. Munger

In the stock market, some railroad that’s beset by better competitors and tough unions may be available at one third of its book value. In contrast, IBM in its heyday might be selling at six times book value. So it’s just like the pari mutuel system. Any damn fool could plainly see that IBM had better business prospects than the railroad. But once you put the price into the formula, it wasn’t so clear anymore what was going to work best for a buyer choosing between the stocks. So it’s a lot like a pari mutuel system. And, therefore, it gets very hard to beat.

Poor Charlie’s Almanack

Charles T. Munger, Peter D. Kaufman, John Collison, and Warren Buffett

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