BECKY QUICK 00:00
Mike Branch from Buchanan, Michigan writes in and he says, "Charts, technicals, momentum, and AI seem to dominate the market these days. Are old-school Ben Graham valuation methods dead?"
CHARLIE MUNGER 00:14
They’ll never die. You can't – the idea of getting more value than you pay for, that’s what investment is. If you want to be successful, you have to get more value than you pay for. So it’s never going to be obsolete.
Now, you can get a whole body of people that don’t really know what they’re buying. They’re just quote quotations on a ticker. I don't think it's helpful to have – Think of the past crazy booms and how they worked out. The South Sea bubble, the bubble in the late 1920s, and so on. We’ve had this since the dawn of capitalism, we had this crazy bubbles.
All intelligent investing is value investing.