Every bubble or euphoric period — from tulips to South Seas shares to Nifty Fifty to Dotcom stocks — must start with a rational idea. As the story spreads, the crowd mentality takes over, till it eventually peaks. Then every dip lower becomes a false buying opportunity.
Charlie Munger is a colorful guy. Most think of him as Warren Buffett’s sidekick who makes pithy comments during Berkshire Hathaway’s annual meeting. But Munger brings so much more to the table. His thoughts are a primary driver for Buffett’s success.
