Charlie Munger: Most Investment Managers Act Like A “Racetrack Tout”Rupert Hargreaves
Last week, The Daily Journal held its annual meeting where Charlie Munger, the 95-Year Old Berkshire Hathaway Vice Chairman & Chairman of the Daily Journal, spoke for two hours.
The Vice Chairman of Berkshire Hathaway spoke at length about the benefits of doing nothing in investing. This is a topic both Munger and Warren Buffett have covered many times before. They continuously extoll the virtues of staying their circle of competence and only acting when they see opportunities that offer such attractive returns they are impossible to pass up.
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