Munger’s Phone is Not Ringing
[…] Two months ago, the S&P 500 Index was at all-time highs, 19-times earnings and massively over-weighted in popular large growth companies. Those quality growth names have soared on a relative basis in this miserable market environment, just like the “Nifty-Fifty” stocks did in 1972. Bingeing on large growth glamour in 1972 led to a devastating bear market in 1973-1974 which lasted 22 months and removed 40% of the S&P 500 market cap.[…]
April 20, 2020
