When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.
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About Charlie Munger
Charlie Munger was a 20th-century American businessman. Charles Thomas Munger was an American businessman, investor, attorney and philanthropist. He was the vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, from 1978 until his death in 2023. Read more on Wikipedia →
Themes
- Change — Embracing transformation, growth, and new beginnings