---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/37451670.md"
description: "$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."
datetime: "2025-12-30T14:51:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/37451670.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/37451670.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/37451670.md)
author: "[爱吃羊肉的耗子](https://longbridge.com/en/profiles/12201248.md)"
---

# $Novo Nordisk AS(NVO.US)Charlie Munger has repeate…


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