C - Got $5000? 3 Tech Stocks to Buy and Hold For the Long Term
2023-12-26 06:00:00 ET
Charlie Munger, Warren Buffett's longtime partner, passed away at age 99 last month. Perhaps Munger's biggest legacy? Spurring Buffett to switch from investing in very cheap stocks to investing in high-quality businesses at reasonable prices.
That's because whatever a stock may do in the near term or whatever its current valuation multiple, Munger taught us that over a long time period, stocks tend to return close to the return on capital of the underlying business.
In a 1995 speech, Munger said:
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Got $5,000? 3 Tech Stocks to Buy and Hold For the Long Term