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Charlie Munger, Warren Buffett's longtime partner, is not a supporter of active investment management and thinks it could hurt inexperienced investors.
right here
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Nevertheless, Munger said that it was acceptable for investors to keep a small number of equity positions if they were looking to outperform the stock markets in general.
"It does not matter if the individual has some stakes," he said. It is "more important to invest where you have additional knowledge."
"Any idea of diversification when you are looking for excellence is totally ridiculous, it does not work, it gives you an impossible task."
Munger will speak with Becky Quick of CNBC after his annual speech.
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