That was when Munger, a longtime associate of celebrated investor Warren Buffett, switched from law to finance and learned from value investor Ben Graham.
“Graham taught us all to buy that kind of underpriced stuff, and hold it as long as it was underpriced — then sell when the price got more normal and buy another undervalued asset,” says Munger, who Forbes estimates to be worth $2.7 billion. “To get ahead, the modern investor almost has to get in a few stocks that are way above average….They try to have a few Apples or Googles, because they know that a significant percentage of all the gains that come to all the common stockholders combined is going to come from a few of these super competitors.”
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