By Tren Griffin
Charlie Munger, Berkshire Hathaway's visionary vice president and Warren Buffett's imperative monetary accomplice, has outperformed industry indexes many times, and he believes any investor can do a similar. His idea of "elementary, worldly wisdom"--a set of interdisciplinary psychological versions related to economics, enterprise, psychology, ethics, and management--allows him to maintain his feelings out of his investments and steer clear of the typical pitfalls of undesirable judgment.
Munger's method has recommended his investments for 40 years and has guided generations of profitable traders. This publication offers the basic steps of Munger's making an investment approach, condensed the following for the 1st time from interviews, speeches, writings, and shareholder letters, and matched with observation from fund managers, price traders, and business-case historians. Derived from Ben Graham's value-investing method, Munger's method is easy sufficient that normal traders can use it on their portfolios. This publication isn't really easily approximately making an investment. it really is approximately cultivating psychological versions in your complete existence, yet specially on your investments.
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Extra info for Charlie Munger: The Complete Investor
The investor immediately reached over and picked up the frog, put him in her purse, and then started to walk home. The frog was concerned that he was not receiving a kiss and asked, “What are you doing? ” The investor replied, “I’m not kissing you ever. ” If you cannot accept investing underperformance in the short term in order to achieve long-term investment outperformance, then you are not a candidate for Graham value investing. This is not a tragedy, since the Graham value investing system is not the only way to invest successfully.
An investor who does not follow these principles is not a Graham value investor. The Graham value investing system really is that simple. Munger also believes the development and recognition of certain personal attributes are essential for a Graham value investor. These attributes represent “the right stuff” part of my framework. Munger believes that investors who can develop these attributes can train themselves to avoid common psychological and emotional mistakes and become successful investors.
If something is too hard, we move on to something else. What could be simpler than that? —CHARLIE MUNGER, BERKSHIRE ANNUAL MEETING, 2006 We have three baskets: in, out, and too tough. … We have to have a special insight, or we’ll put it in the “too tough” basket. —CHARLIE MUNGER, WESCO ANNUAL MEETING, 2002 The Graham value investing system is designed to remove from the process any decisions that may lead an investor to make mistakes. The “yes” basket is tiny compared to the other two baskets because an investing decision that results in a “yes” will happen rarely.