Those of us who have been in the markets for decades obviously know of Charlie, best known to others as simply Warren Buffett"s sidekick at Berkshire Hathaway. Mr. Munger passed yesterday at the ripe age of 99 and left many of us with some wisdom and expertise to benefit us and our clients for years.
One of the wisdoms that has stuck with me throughout my career is, "The big money is not in buying or selling, but in the waiting!" Patience and a long-term perspective are often emphasized in Charlie's investment philosophy. Also, his time honored tradition of buying the best companies as they grow to be bigger and better.
Rest in peace Charlie Munger - we all owe you a debt of gratitude and acknowledgement.