U.S. Markets close in 6 hrs 11 mins

Here's why Warren Buffett says, 'Run a lousy business'

Kathleen Elkins

Buffett's longtime business partner Charlie Munger, who has been around for many mistakes and failures , agreed. "It was very useful to us," Munger said of their early days, when they were involved with some bad businesses. "There's nothing like personal, painful experience, if you want to learn.