Chris Lau - Seeking Alpha

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Wednesday, September 29, 2010

Quote from Charlie Munger

Charlie Munger is an investment manager and philanthropist. He is Vice-Chairman of Berkshire Hathaway Corporation. Buffett of course describes him as his business partner.

He was recently interviewed at the University of Michigan. The nearly 2-hour video is both informative yet less hopeful on how things will play out in the U.S. and globally.

Full Video here.

Moving to a key quote from Munger, based on advice given from his grandfather:

Assume that the real-life opportunities you get in life are few, and when you get a "lollapalooza", for God's sake don't hang on to it like a timid little rabbit. Don't hang back. There aren't that many of the real good big ones.
To support this great idea, Munger refers to Berkshire's "lousy" performance. Berkshire had "just" 20 great investment ideas over a 40 year period, which worked out to one great idea every 2 years.
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