Munger's Four Ps seem to be:
- Prompt Action in Scale
In early 2009 that changed.
Specifically, at the start of 2009 the company still held less than $ 24 million in cash and US Treasuries. Then, when the market was in turmoil and prices became very attractive, much of the portfolio was converted into common stocks.
That portfolio is now worth nearly $ 64 million with more than 70% now made up of equity investments.
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