Charlie Munger: Companies Will Succeed If They Have These “Success Factors”

On multiple occasions in the past, Warren Buffett has stated that he believes investors should ignore the forecasts of macroeconomists. The Oracle of Omaha believes that economists don’t understand the economy because they are obsessed with economic theory rather than what happens in the real world. What’s more, the economy is complex and ever-changing, so even those economists who to understand the difference between theory and reality struggle to produce reliable forecasts. Instead of trying to understand macroeconomics, investors should focus instead on microeconomics, according to Buffett’s to right-hand man Charlie Munger. Micro focus In a 2003 lecture at the…