The way to get rich is to keep $10 million in your checking account in case a good deal comes along.

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This is an element of the Munger investment equation that is almost always misunderstood. 

Why? Because most investors cannot image that sitting on a large pool of cash year after year, waiting for the right investment could possibly be a winning investment strategy, let alone one that would make them superrich.

- <THE TAO OF CHARLIE MUNGER>

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