It’s hard to believe that Charlie Munger died two years ago but with the passing of time, his advice remains some of the best stuff ever said about investing.
Here is a great one:
“It’s amazing how intelligent it is to spend some time just sitting. A lot of people are way too active.”
Along the same lines:
“If we’ve got one thing we can do more of, we’re not interested in anything that’s not better than that. That simplifies life a great deal.”
The barrage of information in today’s world and the low cost of trading lead to one of the great investing vices: Over-trading.
And if you want to go back 100 years before Munger, here is the advice from Larry Livermore:
“It was never my thinking that made the big money for me. It was my sitting.”
“Got that? My sitting tight!”
Find something you have great conviction in and at a good price
