Leverage buyout firms spend enormous resources on due diligence (armies of young lawyers charging high hourly rates reviewing purchasing orders) on companies like EZy, but this is unnecessary because you don't need to examine purchasing orders to understand whether a company is fundamentally good

normativepending

Speaker

Charlie Munger

Evidence Quote

they will send armies of young lawyers out at high rates per hour Riv through all the purchasing orders... you don't have to look through the merching orders right to know that EZ is a good business

Source

Charlie Munger: Invert, always invertSeeking Wisdom: Value Investing & Worldly Wisdom
Created: 8/11/2026, 8:03:26 AM

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