The advantages of scale can bring considerable benefits to companies and are "ungodly important" to a business's long-term prospects, Charlie Munger noted in his now-famous speech, The Art of Stockpicking.
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Munger's talk on stock picking contains some of his most informative lessons. In the discussion, he combined his thinking on mental models, as well as psychology, and applied it to the process of picking stocks for investment success.
His thoughts on the advantages of scale were particularly poignant.
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