In 1999, Charlie Munger penned an investment Master Class, an article that "shreds the conventional wisdom" used by foundations to invest.
While aimed at foundations, the article contained lots of lessons for individual investors.
Munger directed his attacks mainly at the multiple layers of consultants and "investment councilors" employed by these large investors, in an attempt to try and outperform the market.
Q1 2023 hedge fund letters, conferences and more
These legions of third-party advisors were all tasked with making sure foundations followed the "latest notions of corporate finance professors" when picking and choosing investments and managing their portfolios on a day-to-day basis.
There was "one sure thing" about this setup; the...
