Falling in with the crowd will put you under the sway of Mr. Market because Mr. Market is the crowd. If you are the crowd, then you cannot, by definition, beat the crowd. Munger believes that short-term price movements are not rationally based, based on always-efficient markets, or predictable with certainty. The best advice is simple; Buffet says, “Be fearful when others are greedy, and be greedy when others are fearful.”14 This is easy to say but hard to do, because it requires courage at the hardest possible time.
