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It’s incredible, but most investors have never heard of Charlie Munger. Charlie has been Warren Buffett’s partner at Berkshire Hathaway for the last 50 years. And if you haven’t read some of his important stock-picking lessons from that time, you’re missing out.
In 1994, Munger gave a talk on the virtues of “elementary worldly wisdom” as it pertains to stock picking. As Charlie notes, if you don’t apply the appropriate mental models to the investment you’re researching, “then you go through a long life like a one-legged man in an ass-kicking contest. You’re giving a huge advantage to everybody else.”
You can read Charlie Munger’s insightful speech to the USC College of Business right here.