They figured "we have so many smart people" why don't we just ask each of our geniuses for their best idea every year and we'll compose a portfolio of that! Well they tried and they failed. And then they tried again the next year and failed again. And 3rd year, failure again.
Munger poses a riddle. An investing consulting shop is looking to get an edge over other investing consulting shops. They have all sorts of employees educated at Harvard and Wharton etc. so they're full of high IQ people.https://www.youtube.com/watch?v=X1Oi3esiry8&t=10m38s …
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