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The Equitymaster Research Digest

Charlie Munger's Predictions, FREE Book Offer, and More...
Feb 16, 2016

For dyed-in-the-wool value investors, nothing compares to the Berkshire Hathaway annual shareholders meeting. For it is here they get to see the granddaddies of value investing in the flesh and absorb first-hand their wisdom on everything from stocks to life. Warren Buffett is usually the star of these meetings. Quips from Charlie Munger, his equally erudite right-hand man, are few and far between.

Not that we are complaining; we could listen to Buffett all day. But if you'd prefer non-stop Munger, you should check out the Daily Journal Corporation's annual meeting. Munger, chairman at this firm, takes questions from the attendees every year.

The 2016 meeting was held recently, and below we've collected some memorable quotes - along with our commentary - from a man Buffett believes has the best 30-second mind in the world.

'You make your money by the waiting. A fair amount of patience is required.'

This is vintage Buffett-Munger. The power of compounding is the eighth wonder of the world. You can either make it work for you or against you. And a great way to make it work for you is to take as much care of the downside as possible and the let the upside take care of itself.

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