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"Charlie" al meeting del Daily Journal:
Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting - YouTube
la trascrizione:
Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting
Question: Do you think value investing is still relevant in a GDP-decreasing world? And, what about passive investing?
Charlie Munger: Well, that is easy. Value Investing will never go out of style. Because value investing—the way I conceive it—is always wanting to get more value than you pay for when you buy a stock. That approach will never go out of style.
Some people think that value investing is you chase companies that have a lot of cash and they’re in a lousy business or something. I don’t define that as value investing. I think all good investing is value investing. It’s just that some people look for values in strong companies and some look for values in weak companies. Every value investor tries to get more value than he pays for.
What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks they’re investing more professionally than they are if they have four or five. I regard this as insanity. Absolute insanity.
I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. I think it’s much easier to find five than it is to find a hundred.
I call it deworsification—which I copied from somebody. I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.