A mispriced gamble

“To us, investing is the equivalent of going out and betting against the pari-muteul system. We look for the horse with one chance in two of winning which pays you three to one. You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing” – Charlie Munger, Warren Buffett’s partner and Vice-Chairman of Berkshire Hathaway.

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