Strategies for Achieving Economic Moats

By Ravi Nagarajan

In recent weeks, I have written about a number of different investment approaches along with my attempt to leverage the best ideas that have already been put into practice.  This is precisely what Berkshire Hathaway Vice Chairman Charlie Munger recommended when he was quoted in Robert Hagstrom’s Investing:  The Last Liberal Art:

“I believe in … mastering the best that other people have figured out, [rather than] sitting down and trying to dream it up yourself … You won’t find it that hard if you go at it Darwinlike, step by step with curious persistence.  You’ll be amazed at how good you can get … It’s a huge mistake not to absorb elementary worldly wisdom.”

Essentially, Munger is recommending that investors take the best that leading experts in many fields have come up with in an attempt to increase your overall level of “worldly wisdom”.  This seems obvious except for the fact that few investors really seem to have taken the advice.  Part of this has to do with the overwhelming amount of information available today, but it is a mistake to allow the sheer volume of information to prevent us from at least making the attempt.

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