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  • If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.

    Charlie Munger's advice on life and other at the 2003 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. May 3, 2003.