Charlie Munger: It's really hard to find a good idea in this market. Give us an opportunity to buy these things at a big discount, and if you understand the business, I mean, think about it. Why wouldn't you be very certain you're going to make money on that? He says he doesn't like to get more than 40% into any one company because of "the little 2% niggling thing" The most difficult period for guys like him is when there are people paying full price for stuff like this kind of stock.