Warren Buffett's right-hand man counsels patience and knowing what you don't know.
Warren Buffett's right-hand man, Charlie Munger, is 99 and has witnessed a good deal of history first-hand.BRK.BSo who better to offer insights into investing and dealing with life's trials and tribulation? Stripe Press has just published a book by Munger,"Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger."
"But , the price of the stock goes up so high that all of a sudden, the question of which stock is the best to buy gets quite difficult. We've never eliminated the difficulty of that problem.""We're always looking for something where we think we have an insight that gives us a big statistical advantage," Munger said."Sometimes it comes from psychology, but often it comes from something else. And we only find a few, maybe one or two a year.
One way of looking at it:"As Buffett and I say over and over again, we don't leap seven-foot fences," Munger said."Instead, we look for one-foot fences with big rewards on the other side. So we've succeeded by making the world easy for ourselves, not by solving hard problems.""To succeed in investing and in practical life, you must have a certain amount of competence," Munger said.
Back in the day,"a guy who just bought the best common stocks and sat on his ass would have made about 10% per year," Munger said."That's not the standard return that someone can expect now."
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