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The Joys of Compounding: Reflections on Life and Learning for All Investors

There’s a Charlie Munger story about the art of patient investing, that quality that’s easy to talk about but hard to preach, and Gautum Baid tells it well. Munger, 99, has read Barron’s Magazine for over 50 years. In that span, he’s found only one actionable idea, a cheaply valued auto parts company, which he bought at $1 per share and sold a few years later for $15. He earned about $80 million in profit on the investment. 

Then he gave the $80 million to the value investor Li Lu, w...

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