REUTERS/Rick Wilking
Berkshire Hathaway Chairman Warren Buffett (L) and Vice Chairman Charlie Munger arrive to begin the company's annual meeting in Omaha May 4, 2013.
Charlie Munger just dropped a nugget of wisdom at the annual Berkshire Hathaway shareholder meeting on Saturday."A lot of other people are trying to be brilliant. We're just trying to be rational," he said.
"Trying to be brilliant is dangerous, particularly when you're gambling."
In other words, while other people may try to get too fancy in their investing bets, it's best to just stick with the rational basics.
Munger is the vice chairman of Berkshire Hathaway and Warren Buffett's right-hand man.
Like Buffett, Munger is incredibly sharp in his wit and investing wisdom. And as an admirer of Benjamin Franklin, he often argues that, when it comes to investing, it's best to think rationally.
"Our ideas are so simple. People keep asking us for mysteries, but all we have are the most elementary ideas," he once said at the Berkshire Hathaway meeting back in 1997.
"If you've got two suitors who are eager to have you, but one is way better than the other, you're going to choose that one rather than the other. That's the way we filter stock buying opportunities."
Stay up to date with the latest from the Berkshire Hathaway shareholder meeting here.