Premature: Buying Program To Begin Soon? - Weekly Blog # 931

2026-03-10 11:10:00 ET

Basic Investment Principle

Investment opportunities are cyclical in both timing and magnitude. Larger gains are achieved after periods of extended declines. Since one does not know the extent of a decline or magnitude, it is wise to use a buying program. For instance, invest no more than 10% of buying reserves at any time. (This assumes you establish a buying reserve in rising markets.) Charlie Munger has taught us to buy good companies at fair prices rather than always look for “cheap” prices....

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