Sit on Your Assets, if You Can

While most investors associate Buffett and Munger with finding good stocks cheap, Munger points out that quality can trump price.

"If you buy something because it's undervalued, you have to think about selling it when it approaches your calculation of its intrinsic value," he says. "That's hard. But if you buy a few great companies, then you can sit on your ass. That's a good thing."