Core Insights - Charlie Munger, co-founder of Berkshire Hathaway, emphasized the importance of being prepared to act when investment opportunities arise [1][2] - Munger's investment philosophy highlights patience and preparedness as key traits for making successful investment decisions [2][3] Investment Philosophy - Munger noted that major investment opportunities are rare, and investors should maintain a curious mindset to seize them when they appear [3] - He and Warren Buffett's investment strategy relied on patience, with a focus on a few significant decisions rather than frequent trading [4] Legacy and Impact - Munger played a crucial role in transforming Berkshire Hathaway from a struggling textile company into a multi-billion dollar empire, achieving an average annual gain of 20% from 1965 to 2022, outperforming the S&P 500 [8] - His net worth was approximately $2.6 billion, with $2.2 billion in Berkshire stock at the time of his passing [9]
Quote of the day by Charlie Munger: ‘Good investment opportunities don't come often… you've got to be prepared to act'