Charlie Munger's Wisdom

Long, interesting article about -
Worldly Wisdom and The Art of Stockpicking.

Winners

A bear market with indexes really low, can be a great opportunity for an investor. As of today, we do have bear markets, but it's still not certain if we have reached the bottom. History teaches us, when the bear phase changes to bull, and indexes start to jump 30% 0r 40% or even more, there are only 10% of the overall companies that contribute to this bullish index jumps.

What this means for an investor is that, when the investor invests in the stocks, she/he hopefully chooses the winners! Those 10% winners, that contribute to the bullish jumps when market phase changes...