"[[Charlie Munger]] is known for his simplistic view of the investing world that has one advantage over all other views; it works, and he has a longer than 50-year track record with a 19% annual return to back his statements. His view on investing is simple and can be synthetized by the following quote: “**It’s obvious that if a company generates high returns on capital and reinvests at high returns, it will do well. But this wouldn’t sell books, so there’s a lot of twaddle and fuzzy concepts that have been introduced that don’t add much**.” ([Location 2698](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=2698)) --- **Tags** -- [[quotes]], [[value-investing]], [[Berkshire Hathaway]], [[return-on-invested-capital]], [[compounding]], [[simple-logic]] **Source** -- [[202506221723 - LN - Modern Value Investing]]