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While the average business may well be overpriced at 25x, that doesn't mean that exceptional ones are also expensive at that market valuation.
Charlie Munger's observation that "if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price,
you'll end up with one hell of a result" is obviously applicable over here.
Listen to native speakers pronounce “Munger” in real conversational contexts with synchronized timestamps and subtitles.