Deep knowledge

In some of my last few columns in these pages, I'm on a sort of Buffett-and-Munger roll, quoting and expounding on the wisdom on offer in a recent video and letter. The video is the annual shareholders meet of a small company named 'Daily Journal' and the letter is of course the annual letter to the shareholders of Berkshire Hathaway from Chairman Buffett. This time, I have a gem from Charlie Munger which is about business school curricula but which applies even more so to individual investors trying to understand companies and businesses in general. Munger was asked: "You've said several times that the best way to learn about business is to study the multi-decade financial results of great companies. You've even