Entreprises extraordinaires, prêt à payer

Stratégie d'investissement de Charlie Munger

Charlie Munger's mental-model upgrade to Buffett - 'a wonderful business at a fair price beats a fair business at a wonderful price.' Munger raised Buffett's quality floor (ROIC 18%+ vs 15%) and relaxed Buffett's valuation floor (P/E up to 30 vs 12). The result: a checklist that finds businesses Buffett would call 'too expensive' but that compound for decades.

Dernière vérification : 1 janvier 2026

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.