$Novo Nordisk AS(NVO.US)Charlie Munger has repeatedly pointed out in speeches and interviews:

Instead of spending time and energy buying cheap companies, it's better to invest in good businesses at reasonable prices.

If a company's growth is strong enough, even if the price is a bit high, it's still worth buying.

He influenced Buffett to shift from early "cigar-butt" investing (buying cheap companies) to purchasing high-quality businesses, even if the price wasn't the cheapest.

For example, in the early days of Berkshire, they climbed out of bad businesses and turned to buying good ones; Munger believed the real risk was quality risk, not price risk.

This reflects Munger's investment philosophy: good companies are more important than good prices, and in the long run, the compounding effect of excellent businesses far outweighs short-term bargains.