Filings with the Securities and Exchange Commission in March and again this month show the extraordinary gumption of Charlie Munger, Warren Buffett's business partner and vice chairman of Berkshire Hathaway.
Mr. Munger, who will turn 90 years old next Jan. 1, is a model for individual investors who wonder how they can possibly beat the professionals at their own game. The pros have more information than you, and their trading machines are faster. But you still have an edge over them—so long as you play a different game by your own, more sensible rules.
You can be patient; the pros can't. You don't have to be part of the herd; they do. Above all, you can be brave; they almost never are.