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Charlie Munger's advice to new investors let's go over it we're gonna take it from this article right here from The Wall Street Journal where they did a six-hour interview with him recently these old dudes 6 hours a long time and this was May 3rd 2019 so it's actually not recent at all but they cover a lot of topics and a lot of them are evergreen including his advice to new investors and Charlie Munger by the way is Warren Buffett's partner and there's a ton of people who actually consider him the brains of the operation everyone loves Charlie he's another investing legend and like I said supposedly the smarter of the two not that Warren Buffett is dumb or anything so one of the first questions they asked him is if you were just starting out as an investor what approach would you take so Charlie says that the original Ben Graham approach of looking for cases where you're getting more than you're paying for is correct that's what all good investing is and really you're just looking for it in different places just like a fisherman can fish in one place or another but the idea of getting a value under paying for what you're actually getting that's never going to go out of style it's just basic and fundamental and there's a lot of different ways to do it some people look for it in stocks where earnings are going up all the time some look and consumer goods some look at bankruptcies some people look at distressed debt there's different ways to hunt just like different places to fish and that's investing so as a new investor you're gonna run into a bunch of different trading and investing styles but the thing to keep in mind is that the basic principles of investing apply to all of them just like charlie is talking about value and he's a value investor like Warren Buffett but the same stuff he's talking about can apply to momentum investing which is what I do for example so if you're just starting out you should test some different styles and see which you like the best because there's no one way to do this like he just pointed out there's a ton of different ways and because there's no one way there's no one right way the right way to invest is gonna depend on you what matches your personality what do you feel comfortable with the only wrong way to invest would be to get into something just because it's popular even though it doesn't fit your natural style and personality that would be wrong because it's not gonna work out so when you're starting out look at a few different styles test them out see what you match with and then once you find one style stick with it get just really good at that one style because investing isn't easy that's gonna be a tough job in itself but if you think you're gonna be able to do value a moment-- distressed at all these different things well it's it's not gonna work out at least in the beginning there are some amazing incredible investors mostly the macro guys who are able to go into every different field but that takes years and years of learning because even them they still got to get good at each thing individually so focus on one style learn the fundamentals learn the principles get really good at that style and then if you want to progress to other styles and doing a multi strategy portfolio will it be easier but only once you have those underlying principles which you're gonna learn by focusing on one style first and Buffett a monger they pretty much stick to one style to write value investing they express it in different ways but it all comes back to one thing and they don't move outside of that so Buffett and Berkshire Charlie they miss the huge tech trend they run up in the 90s and their fund underperformed but they didn't care because they knew what they're good at and they stuck to that they didn't let any FOMO creep in while watching these huge returns in the tech space which by the way FOMO is a huge problem in trading and if you're a new investor you definitely need to learn how to control that along with your other emotions because any style of investing you're about to do your emotions are gonna get involved and you got to keep them at bay so you can get our free guide that will help you do that the link is down below in the description and comments so Charlie continues he says of course one of the tricks is knowing where to fish so Lee Liu who runs Himalaya Capital Management has made an absolute fortune as an investor using Graham's training to look for deeper values so Lilu if you don't know is this guy I think his story is that he was inspired by Charlie Munger speech and became a value investor and he's really good at it Charlie is invested in as fund which runs like 10 billion I think and he's one of the frontrunners to actually take over for Buffett when he steps it out and you can see he's so good at value investing he can get away with this terrible website with what clipart mountains this is supposed to be the Himalayas incredible this this is how you know he's good so as Charlie said Lilu uses deep value investing but he focuses on China and Korea that's where he likes to fish and if he moved outside that Charlie says his record wouldn't be as good so there are a lot of wonderful strong companies at very cheap prices over there so as an example one guy in Korea cornered the sauce market he had 95% of the sauce and creative and he couldn't stand anybody else ever selling any sauce so if he owned the whole market you know he controls all the pricing so if he raced prices he could make two or three times as much so Lilu was all over that it was a company called Otaki I think that's how you say and Charlie and Lulu they all made 24 one over there with that company and he's saying there is nothing like that in the United States so this is another example of Lulu sticking to a strategy like we were talking about before but also making sure that his strategy matches up with the correct market so that's another thing you got to consider as a new investor once you pick a strategy you need to make sure you stay in the right environment where that strategy works best so if you decide you want to do value investing like that matches with your personality then you're not gonna be looking at high-flying tech names that doesn't make sense you're gonna want to look for beaten down stocks that everybody hates that everyone has written off where you can go in and do an analysis and find something different you're gonna be more of a contrarian same thing for me on the opposite end of the spectrum I final momentum trader which I am then of course I'm gonna be some stocks like Tesla and Apple and things like that and even for my momentum strategy we did an analysis trying to figure out which index it would work best on the S&P NASDAQ Russell where does it work best we found that it works best on the Nasdaq so once we figured that out we didn't move away from the Nasdaq we placed the momentum system on just those stocks because that's where we're gonna get the best returns that's where we should be fishing another example is at our research company Mac Rob's it's a global macro research company so Alex our lead portfolio manager there likes looking at commodity plays because he's able to figure out long-term commodity trends with his macro research so one of the places where he does really well is in the oil sector because oil is something he tracks closely so there's been multiple times where oil has been beaten up too much and then the oil producers and all the companies in that space have been left for dead and it's at those points where Alex jumps in buys up those stocks and then sees them launch up 300% in a few months as things correct so in that case he's sticking to a strategy to because he's not looking at any value stock he has a specific lens that he looks at it through so uranium is another thing that he looks at uranium stocks because he's able to see the trend on that commodity as well so you got to stick to what you're good at or what you want to be good at and make sure you're fishing in the right pools and there's always gonna be temptation that's gonna try to lead you into something you shouldn't be in like whenever I read value stuff I start getting excited and I want to put money in but I'm a momentum investor so that doesn't make sense so I got to stop myself because I don't know what I'm doing in value compared to momentum I need to stick to my thing so once again something like the FOMO guide helps me do that and control those emotions because it really does happen a lot you'll experience it especially as a new investor where you'll see your buddies jumping in on some trend that you weren't in on you want to jump in too even though you might not know what's going on and it doesn't fit your strategy and yeah sometimes I'll work out but a majority of the time you're gonna end up losing money because you fell victim to that temptation so check out this guide it can help you with that FOMO and your other emotions just go to this pag put in your email and name and I'll send it over to you for free it is free so you might as well check it out and if you haven't already make sure you subscribe to this channel hit that notification bell so you get email notifications of new videos we're publishing a bunch of them and we're gonna do more on Charlie Munger too because there's a lot more in that interview so subscribe and we'll go over more next time stay fowl out there bye
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