--- title: "Meaning & Key Takeaway of: I’d say that Berkshire Hathaway’s system…" description: "\"I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high q..." image: "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg" --- # I’d say that Berkshire Hathaway’s system is adapting to… ![“I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what…” quote by Charlie Munger](https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg) [Download](https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg) [Open image](https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg) > “I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.” [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Munger emphasizes that investing success stems from focusing on high‑quality businesses, regardless of whether one buys the whole company or a large stock block. **In simple terms:** Invest in great businesses, not just stocks. Key Takeaway Prioritize quality over quantity. Themes investment quality strategy Mood analytical confident Type business philosophical When to use this quote - portfolio construction - business analysis - risk management - long‑term planning - financial education Key Concepts value investing economic moat Questions to Reflect On - What criteria define a high‑quality business? - How do you assess a company’s durability? A Different Perspective High‑quality opportunities are scarce and require patience. ★ ★ ★ ★ ★ No ratings yet [Business](https://sms4smile.com/quotes/about/business/) [Customer](https://sms4smile.com/quotes/about/customer/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investment](https://sms4smile.com/quotes/about/investment/) [Lots of money](https://sms4smile.com/quotes/about/lots-of-money/) [Nature](https://sms4smile.com/quotes/about/nature/) [People](https://sms4smile.com/quotes/about/people/) [Problem](https://sms4smile.com/quotes/about/problem/) [Quality](https://sms4smile.com/quotes/about/quality/) ## Related quotes > [I have a serious investment problem. I have no money.](https://sms4smile.com/quotes/melvin-helitzer/i-have-a-serious-investment-problem-i-have-no-money/) [Melvin Helitzer](https://sms4smile.com/quotes/author/melvin-helitzer/) > [I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.](https://sms4smile.com/quotes/charlie-munger/i-m-a-bull-on-berkshire-hathaway-there-may-be-some-considerable/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [ Wesco had a market capitalization of $40 million when we bought it \[in the early 1970s\]. It's $2 billion now. It's been a long… ](https://sms4smile.com/quotes/charlie-munger/wesco-had-a-market-capitalization-of-40-million-when-we-bought-it-in/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics…](https://sms4smile.com/quotes/charlie-munger/i-m-proud-to-be-associated-with-the-value-system-at-berkshire/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [At Berkshire Hathaway we do not like to compete against Chinese manufacturers.](https://sms4smile.com/quotes/charlie-munger/at-berkshire-hathaway-we-do-not-like-to-compete-against-chinese/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is sinful to…](https://sms4smile.com/quotes/charlie-munger/every-business-tries-to-turn-this-year-s-success-into-next-year-s/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical…](https://sms4smile.com/quotes/charlie-munger/size-will-hurt-returns-look-at-berkshire-hathaway-the-last-five/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The big money is not in the buying and selling ... but in the waiting.](https://sms4smile.com/quotes/charlie-munger/the-big-money-is-not-in-the-buying-and-selling-but-in-the-waiting/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a…](https://sms4smile.com/quotes/charlie-munger/look-at-those-hedge-funds-you-think-they-can-wait-they-don-t-know-how/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway.](https://sms4smile.com/quotes/william-poundstone/samuelson-however-hedged-his-personal-bets-by-putting-some-of-his-own/) [William Poundstone](https://sms4smile.com/quotes/author/william-poundstone/) > [“The modern Berkshire Hathaway that he had created churned out new beads for the rosary almost like a clockwork. Buffett’s hunt for things to…](https://sms4smile.com/quotes/alice-schroeder/the-modern-berkshire-hathaway-that-he-had-created-churned-out-new/) [Alice Schroeder](https://sms4smile.com/quotes/author/alice-schroeder/) > [The very first stock I bought right out of college was Berkshire Hathaway.](https://sms4smile.com/quotes/christie-hefner/the-very-first-stock-i-bought-right-out-of-college-was-berkshire/) [Christie Hefner](https://sms4smile.com/quotes/author/christie-hefner/) > [I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway…](https://sms4smile.com/quotes/warren-buffett/i-mean-in-terms-of-alternatives-some-people-have-suggested-for/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“Berkshire Hathaway Public Holdings April 4, 2012 Company Holding Value Stake The Coca-Cola Company (KO) $14.69 billion 8.8% International Business Machines (IBM) $13.17 billion…](https://sms4smile.com/quotes/david-andrews/berkshire-hathaway-public-holdings-april-4-2012-company-holding-value/) [David Andrews](https://sms4smile.com/quotes/author/david-andrews/) > [By setting up Berkshire Hathaway, Warren has done everything very rationally.](https://sms4smile.com/quotes/walter-schloss/by-setting-up-berkshire-hathaway-warren-has-done-everything-very/) [Walter Schloss](https://sms4smile.com/quotes/author/walter-schloss/) ## More by Charlie Munger > [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [What good is envy? It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Explore all 544 Charlie Munger quotes ](https://sms4smile.com/quotes/author/charlie-munger/) ## More Adapting quotes > [For a struggling filmmaker running low on ideas, public domain is all we have for adapting books.](https://sms4smile.com/quotes/lee-isaac-chung/for-a-struggling-filmmaker-running-low-on-ideas-public-domain-is-all/) [Lee Isaac Chung](https://sms4smile.com/quotes/author/lee-isaac-chung/) > [If I can do concert recitals, adapting the repertoire to my needs, then no problem, that's good enough. But with operas, unless the right…](https://sms4smile.com/quotes/jose-carreras/if-i-can-do-concert-recitals-adapting-the-repertoire-to-my-needs-then/) [Jose Carreras](https://sms4smile.com/quotes/author/jose-carreras/) > [Firmino is a player who is really good at adapting to different positions. He is a No. 9, but he helps a lot in…](https://sms4smile.com/quotes/fabinho/firmino-is-a-player-who-is-really-good-at-adapting-to-different/) [Fabinho](https://sms4smile.com/quotes/author/fabinho/) > [Martial arts is not about picking your fights and picking how things go; it's about adapting to the how things are.](https://sms4smile.com/quotes/gunnar-nelson/martial-arts-is-not-about-picking-your-fights-and-picking-how-things/) [Gunnar Nelson](https://sms4smile.com/quotes/author/gunnar-nelson/) > [I'm not in the business of adapting things that are popular for the sake of just getting it on the screen. I think there…](https://sms4smile.com/quotes/sam-esmail/i-m-not-in-the-business-of-adapting-things-that-are-popular-for-the/) [Sam Esmail](https://sms4smile.com/quotes/author/sam-esmail/) > [I am like the fish in the aquarium, thinking in a different language, adapting to a life that’s not my natural habitat. I am…](https://sms4smile.com/quotes/david-levithan/i-am-like-the-fish-in-the-aquarium-thinking-in-a-different-language/) [David Levithan](https://sms4smile.com/quotes/author/david-levithan/) > [I'm always a big advocate for adapting to your new team, your new country and your new team-mates.](https://sms4smile.com/quotes/ronald-koeman/i-m-always-a-big-advocate-for-adapting-to-your-new-team-your-new/) [Ronald Koeman](https://sms4smile.com/quotes/author/ronald-koeman/) > [Cinema reflects culture and there is no harm in adapting technology, but not at the cost of losing your originality.](https://sms4smile.com/quotes/jackie-chan/cinema-reflects-culture-and-there-is-no-harm-in-adapting-technology/) [Jackie Chan](https://sms4smile.com/quotes/author/jackie-chan/) > [The fact that I made a special movie with an old-fashioned style - even if it's a mix between with modern and old-fashioned things…](https://sms4smile.com/quotes/michel-hazanavicius/the-fact-that-i-made-a-special-movie-with-an-old-fashioned-style-even/) [Michel Hazanavicius](https://sms4smile.com/quotes/author/michel-hazanavicius/) > [I believe in having a few pupils at one time as it requires a constant alert observation of each individual in order to establish…](https://sms4smile.com/quotes/bruce-lee/i-believe-in-having-a-few-pupils-at-one-time-as-it-requires-a/) [Bruce Lee](https://sms4smile.com/quotes/author/bruce-lee/) > [The brain is constantly adapting.](https://sms4smile.com/quotes/maryanne-wolf/the-brain-is-constantly-adapting/) [Maryanne Wolf](https://sms4smile.com/quotes/author/maryanne-wolf/) > [One of the most difficult things for people who have been successful in sports is adapting to the daily world where you can't get…](https://sms4smile.com/quotes/mark-spitz/one-of-the-most-difficult-things-for-people-who-have-been-successful/) [Mark Spitz](https://sms4smile.com/quotes/author/mark-spitz/) > [“(T)his is precisely the importance of the world-view described in the Book of Changes: there is no situation without a way out. All situations…](https://sms4smile.com/quotes/richard-and-hellmut-wilhelm/t-his-is-precisely-the-importance-of-the-world-view-described-in-the/) Richard and Hellmut Wilhelm > [Man is a shrewd inventor, and is ever taking the hint of a new machine from his own structure, adapting some secret of his…](https://sms4smile.com/quotes/ralph-waldo-emerson/man-is-a-shrewd-inventor-and-is-ever-taking-the-hint-of-a-new-machine/) [Ralph Waldo Emerson](https://sms4smile.com/quotes/author/ralph-waldo-emerson/) > [Sport is not about being wrapped up in cotton wool. Sport as about adapting to the unexpected and being able to modify plans at…](https://sms4smile.com/quotes/roger-bannister/sport-is-not-about-being-wrapped-up-in-cotton-wool-sport-as-about/) [Roger Bannister](https://sms4smile.com/quotes/author/roger-bannister/) Browse all 251 Adapting quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/", "about": { "@type": "Thing", "name": "Adapting" }, "@id": "https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "contentUrl": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "url": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "width": 1080, "height": 1080, "caption": "“I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Charlie Munger", "item": "https://sms4smile.com/quotes/author/charlie-munger/" }, { "@type": "ListItem", "position": 4, "name": "I’d say that Berkshire Hathaway’s system...", "item": "https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/" } ], "@id": "https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```