We love reading about people who we see as role models in terms of how they invest their money. Warren Buffet is one of them. John C. Bogle is another one. We just found a quote from Charlie Munger, long-time investment partner of Warren Buffet at Berkshire Hathaway (BRK-A, BRK-B). Since we like the quote, we thought we'd share it with our readers:
"There is a rule of fishing that's a very good rule. And the first rule of fishing is 'fish where the fish are'. And the second rule of fishing is 'don't forget the first rule'. Investing is the same thing. and some places have lots of fish and you don't have to be that good of a fisherman to do pretty well. Other places are so heavily fished that no matter how good a fisherman you are, you aren't going to do well." (
Source)
I think this is an awesome metaphor. He was also referring to the investment style he and Warren Buffet use. It won't be as useful going forward as conditions have changed and today the "prospects are worse" according to him.
We think, it's never wrong to look for inspiration in particular when wildly successful investors share their thoughts. It's definitely worth considering Charlie Munger's words.
Happy investing!
Disclosure: We do not own BRK-A or BRK-B shares. We have no plans to change our position in the next 48 hours after publishing this post.
One of the most closely followed source of investment insights by Warren Buffet are his yearly letters to shareholders of Berkshire Hathaway (BRK-A, BRK-B). In case you ever wondered where to find them, here is the link as of writing: The Letters
