“I have been very well located in life. But with minor exceptions, what do I have relative to investments in life? I’ve got Costco stock, Berkshire stock, Li Lu’s China fund and Avi’s apartments. So I have four investments, basically, after 60 years or something — by the way, I feel perfectly adequately diversified. Nobody teaches that’s adequate diversification. And they’re dead wrong. Simple fact is that it’s easier to find four things that are above average than it is to find 40…. It’s going to be very hard and you’re lucky if you get only a few in a lifetime. And then you have to be a combination of very patient and very aggressive. You have to sit patiently waiting, watching, surveying, hunting and pounce very occasionally. You get four pounces in a lifetime that really work big time, and that’s a very successful lifetime.”
—Charlie Munger.
