Friday, May 20, 2016

Charlie Munger quote

"To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we’re looking for a mispriced gamble. That’s what investing is, and you have to know enough to know whether the gamble is mispriced." -Charlie Munger 

[H/T Charlie Munger: The Complete Investor]