芒格在2017年Daily Journal年会上的回答。

如果刚开始投资，先去研究过去市场上的好案例——市场给了你巨大安全边际的公司。
一个案例一个案例地去研究，再来研究当下类似的投资机会。
类似的机会会一直存在，因为和底层的人性相关。人性不变（几十亿年），这样的机会就会一直存在。

So if you're starting your career, if you're young, if I were you starting all over again. I would have first to study all the great examples in the past in which market went to the extreme on small segment of the security that give you a tremendous, tremendous margin of safety, now all sort of things happen, you will still come out okay, even if you lose money, you're still in the game.

Study that one and then study, you know, what is available today. At any given time, there are always always opportunity like that. And it really has something to do with our fundamental human psychology, as long as human remains the same – which I suspect we will – after billions of years that opportunity exists.