Q&A with Charlie Munger
A big softball of an interview between Charlie Munger (#2 at Berkshire Hathaway) and Kiplinger's magazine that, nonetheless contains several zingers. Such as...
What would a good investor's portfolio look like? Would it look like the average mutual fund with 2% positions?
Not if they were doing it Munger-style. The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results..." (Italics mine -- dmg)
Continue reading here...
What would a good investor's portfolio look like? Would it look like the average mutual fund with 2% positions?
Not if they were doing it Munger-style. The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results..." (Italics mine -- dmg)
Continue reading here...
posted by David M Gordon | 4:23 AM
<< Home