Charlie Munger

643.457 - 670.729 Charlie Munger

We bought this little pissant department store chain in Baltimore. Big mistake, too. As the ink dried on the closing papers, we realized it would be a terrible mistake. So we decided just to reverse it and take the hits to look foolish rather than go broke. He just told us how to get us out of this. By that time, we'd already financed half of it on covenant-free debt and so forth.