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Not that she didn't enjoy the holidays: but she always felt-and it was, perhaps, the measure of her peculiar happiness-a little relieved when they were over. Her normal life pleased her so well that she was half afraid to step out of its frame in case one day she should find herself unable to get back.
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Charlie Munger
Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.
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