Charlie Munger said at Daily Journal 2019 Annual Shareholders’ Meeting,
We tried to do less. We never had the illusion we could just hire a bunch of bright young people and they would know more than anybody about canned soup and aerospace and utilities and so on and so on and so on. We never had that dream. We never thought we could get really useful information on all subjects like Jim Cramer pretends to have.
And we always realized that if we worked very hard, we can find a few things where we were right. And the few things were enough. And that that was a reasonable expectation. That is a very different way to approach the process.