EdgePoint 2nd Quarter Commentary
July 10 2020 – Derek Skomorowski, investment analyst
It is my humble opinion that if you write a commentary and haven’t gone out of your way to plagiarize some idea initially introduced by Charlie Munger, you’re just not trying. After all, he and his business partner Warren Buffett are legends in the world of investing. With that in mind, we’ll start this note with a quip that Charlie’s delivered in the past, although never so eloquently as at this year’s Daily Journal meeting, where he described how sources of excess investment returns can change over time:
I have a friend who’s a fisherman and he says, “I have a simple rule for success in fishing. Fish where the fish are.” You want to fish where the bargains are. It’s that simple. If the fishing is really lousy where you are, you should probably look for another place to fish.
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