In 2023, a shareholder stood up at a Berkshire Hathaway (BRK.A) (BRK.B) annual meeting in Omaha and asked about the future of value investing. Charlie Munger took it: "I think value investors are going to have a harder time now that there are so many of them competing for a diminished bunch of opportunities," he said. "So, my advice to value investors is to get used to making less."
Warren Buffett, sitting next to him, did not let it stand. "And Charlie has been telling me the same thing the whole time we've known each other," he said in the same session. The two men met in 1959.
