Munger's great lesson of investing：a great business at a fair price is superior to a fair business at a great price. 

Warren Buffett said that " Charlie shoved me in the diretion of not just buying bargains, as Ben Graham had taught me. This was the real impact Charlie had on me. It took a powerful force to move me on from Graham's limiting views. It was the power of Charlie's mind. He expanded my horizons."

两个投资大佬把这个原则用到了极致，而且极其有耐心地等待机会。每时每刻他们手上都有20 BILLION USD 的现金在手上。。。

跟两位学习，随时随地身上要有现金，看到心仪已久的股票到了比较好的价位就可以跳下买了去了。最近的一个例子就是上周借葡萄牙危机引发的股市大跌，有朋友在做好了功课的前提下买了跌到强支撑位的优质股票，如FB等等。他们/她们在不到一周的时间里都有非常漂亮的回报：买正股的10+%吧，买OPTION的可能有翻翻的了。。。