市场见解

‘All successful investment is value investing’: Charlie Munger

Is value investing dead? Not according to Charlie Munger.
The post ‘All successful investment is value investing’: Charlie Munger appeared first on The Motley Fool Australia. –

In the modern investing lexicon, there are many different ‘types’ of investing strategies that investors like to identify themselves with. There’s growth investing, dividend investing, and growth-at-a-reasonable-price investing. Different investors often choose which strategy suits their goals, temperament and interests and go from there. It’s important to say that different investors have proven successful in pursuing all of the different strategies above. Or even a combination. But for Charlie Munger, value investing is the only choice.

Charlie Munger is one of the most famous investors in the world. He has for decades played right-hand man to the great Warren Buffett in managing the investment portfolio of Berkshire Halthaway Inc (NYSE: BRK.A) (NYSE: BRK.B). And even though Mr Munger is less than a month out from his 98th birthday, he is still happy to share his wisdom.

Most recently, this came at the Sohn Hearts & Minds Investment Conference held last week. Mr Munger tuned in to the conference and gave his views on a number of issues. These included cryptocurrencies (“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them.”). As well as the current state of the markets (“Overall, I consider this era even crazier than the dot-com era.”).

Charlie Munger is sticking with value investing

But perhaps his most pertinent remarks came on the topic of investing itself. According to reporting in the Australian Financial Review (AFR), Munger said the following on the value investing strategies he has honed for many decades:

I think all successful investment is value investing in the sense that you’re trying to get better prospects than you’re paying for…

There’s no great company that can’t be turned into a bad investment, just by raising the price. Part of intelligent business is knowing the business that you don’t want and keeping it out. I’m still looking for more value than I pay for.

But Munger did acknowledge that his and Buffett’s style of investing was facing challenges in the current investing climate:

It’s getting very difficult because we have a vast increase in the intellectual horsepower that’s trying to get rich by owning securities… They’ve bid the good businesses up and up and up and up. In America, at least, almost every great business is selling 35 times earnings or more.

That might explain why Berkshire Hathaway is currently sitting in the largest pile of cash it has ever had. Buffett and Munger have previously relished deploying Berkshire’s enormous funds into new investments during share market crashes, so perhaps Munger and Buffett know something we don’t.

Either way, history has shown it is well worth keeping an eye on what Messrs Munger and Buffett are saying and doing at Berkshire Hathaway.

The post ‘All successful investment is value investing’: Charlie Munger appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

How many stock pickers does it take to change a share portfolio?

Bear signal? Warren Buffett’s Berkshire Hathaway has been selling shares

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

随时随地,交易世界!

移动APP平台,拥有 12 个市场的 50,000 多种全球上市证券(全球市值超过 70%),直接在您的 Android 或 iOS 设备上即可操作。

与独有的交易理念和投资分析工具相结合,帮助您在我们 12 个全球市场中的几乎所有金融工具上找到可操作的见解,从而帮助您优化交易策略。

推荐给您的朋友

向您的朋友推荐Monex并赠予他们免费使用我们交易工具的机会

我们尊重您的隐私,只会向您的朋友发送一封邮件 

与您的朋友分享

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!