Warren Buffett on Saturday boiled down value investing, the strategy that has helped him amass his wealth, in one sentence.
"What gives you opportunities is other people doing dumb things," the "Oracle of Omaha" said at Berkshire Hathaway 's annual shareholder's meeting.
And while Buffett acknowledges that the world is changing, he thinks value investing opportunities abound.
"In the 58 years we've been running Berkshire, I would say there's been a great increase in the number people doing dumb things, and they do big dumb things," he said.
Despite Munger's more downbeat outlook for value investing, Buffett thinks opportunities will present themselves to value investors given the short-term view of so many people in today's society.