I sent a friend this text this week. I said I'm working on another Lulu episode, but this one is about his remarkable investing career.

Can be summarized by, number one, studied Buffett and Munger. Number two, did that.

In all the talks and interviews that Lulu gave gave over the last two decades he's constantly referencing the lessons that he learned from studying Warren Buffett and Charlie Munger and he shares their obsession with finding great companies.

So many times when I was reading the words and listening to the words of Lulu and I was researching the podcast,

I thought of this book, which I've mentioned multiple times in this episode,

and I think is the best book on Buff and Munger I've ever read.

It's called All I Want to Know is Where I'm Going to Die,

So I'll Never Go There.

Buffett and Amonger, a study in simplicity and uncommon, common sense.

And there's a few sections from this book that I want to read to you

because it's really Buffett describing what makes a great business.

And he says every day in countless ways, the competitive position of each of our businesses grows either weaker or stronger.

If we are delighting customers, eliminating unnecessary costs and

improving our products and services, we gain strength. But if we treat customers

with indifference, our tolerate bloat, which means don't watch our costs, our businesses will

wither. On a daily basis, the effect of our actions are imperceptible. Cumulatively, though,

their consequences are enormous.

Later on in the book, Buffett has asked,

how should you be running your business?

He says, just do what you always do.

Wyden the moat, build enduring competitive advantage,

delight your customers, and relentlessly fight costs.

...