Wesco Financial Chairman Charlie Munger might be best known for his 50-year business partnership with Warren Buffett, but Berkshire Hathaway's vice chairman has also built a reputation as a financial guru in his own right. Munger is often credited with helping Buffett move beyond simple value investing, while still focusing on well-run, industry-leading companies. "You can't believe the way that conventional wisdom invests money," Munger says. "They tend to rush into whatever fad has worked lately. In my opinion, a lot of them are going to get creamed."

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