Stratégie d'investissement de Charlie Munger

La stratégie, en clair

• ROIC ≥ 18% (Munger's hard floor on capital efficiency).
• Sustained 5-year ROIC ≥ 15% - durable, not a one-off.
• Gross margin ≥ 40% AND operating margin ≥ 18% - real pricing power, not accounting illusion.
• FCF / Net income ≥ 80% - owner earnings should equal reported earnings.
• Almost no debt - net debt / EBITDA ≤ 1.5×.
• Share count flat or shrinking - management is returning capital, not diluting.
• Willing to pay P/E up to 30 for exceptional quality.

From Poor Charlie's Almanack and 50+ years of Berkshire Hathaway AGM speeches.

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