The father of value investing expains why he limited capital to allocate in his investment fund. Charlie Munger on the topic: “Buying those cheap, cigar-butt stocks [companies with limited potential growth selling at a fraction of what they would be worth in a takeover or liquidation] was a snare and a delusion, and it would never work with the kinds of sums of money we have. You can’t do it with billions of dollars or even many millions of dollars. But he was a very good writer and a very good teacher and a brilliant man, one of the only intellectuals – probably the only intellectual — in the investing business at the time.”
Benjamin Graham Interview – Why Value Investing doesn’t Scale
(Free Video) The 2 Secrets To Finding Small-Cap, Hidden Gem Stock Opportunities To Dramatically Grow Your Portfolio Going Into Q4.