In Tren Griffin’s Book – Charlie Munger: The Complete Investor, there’s a great quote by Munger on betting heavily when an opportunity presents in investing. Here’s an excerpt from the book:
“Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.”
“A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”
—CHARLIE MUNGER, WESCO ANNUAL MEETING, 1996
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