Tom Gayner shares insights from his experiences with business mentor Charlie Munger and the lessons he learned, including working towards a purposeful vision and treating customers well to build long-term relationships. He discusses the importance of insuring that business ideas fit into one of two categories, understanding the role of wild financiers in technological progress, and accurately evaluating a business’s earning power by understanding the concept of amortization. Gayner emphasizes the importance of intellectual capital, staying long-term focused, and making decisive actions when necessary. He also stresses the significance of operating with integrity, maintaining balance in financial situations, and thinking in a broad frame of reference. Through his experiences, Gayner illustrates the importance of following a consistent process, being thoughtful in decision-making, and having a long-term perspective to succeed in both life and business.
Gayner’s Portfolio Holdings: