Better to buy something good quality for a fair price than something fair quality for a good price

Summary

• Better to buy something good quality for a fair price than something fair quality for a good price

Details

• this applies to shoes just as much as companies

References

• Tap Dancing to Work - Warren Buffett on Practically Everything - Carol Loomis

Quotes

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price. Charlie Munger understood this early; I was a slow learner. But now, when buying companies or common stock, we look for first-class businesses accompanied by first-class managements.

Related

• Do good quality Work
• Obsess over quality
• Focus on producing quality rather than quantity
• When we buy higher quality food, we are less likely to throw it out
• There is always room for quality