If you have not read the document, I highly recommend finding a copy and taking the time to study the advice this billionaire investor gives to his audience.
The main thrust of the speech is Munger’s belief that there are only a few great stocks on the market. Therefore, investors should concentrate their time, effort and money on the handful of companies that fall into this bracket.
This is the strategy Munger and Warren Buffett (Trades, Portfolio) have been following at Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) for the past few decades. However, it is something that many Wall Street wealth managers (and wealth managers in general) advise against. They are more interested in building complex portfolios