Looking for Munger Quote

[TREVNI]

I'm searching for a Munger quote (could be Buffett) in which he said it would be an intelligent investing strategy to follow 300 companies and wait for a few to go on sale. I swear it was at a Daily Journal meeting, but I've had no luck listening to a few prior meetings. Does anyone remember this comment or am I now dreaming up Mungerisms? Thanks!

[ValueMaven]

Howard Buffett has said something very similar ... dont recall Warren or Charlie saying that specifically.  I do agree with that approach :)

[coc]

He had said he heard from someone who was trying that approach, and he thought it was a perfectly intelligent thing to do - and yet few would be able to do it.

 

Like you, I can't for the life of me remember where he said it. But I'm here to say you're not crazy!  8)

[TREVNI]

Found it! Thank you LongHaul!

 

It's from the 2014 DJCO AGM.

 

“One person said to me, 'I have a list of 300 potentially attractive stocks, and I constantly watch them, waiting for just one of them to become cheap enough to buy.' Well, that's a reasonable thing to do. But how many people have that kind of discipline? Not one in 100.”