Amid the usual wisecracks and one liners at the Berkshire Hathaway annual general meeting last weekend, Warren Buffett’s wingman, Charlie Munger, struck a sombre note about the outlook for value investors like him and Buffett.

“I think value investors are going to have a harder time now that there are so many of them competing for a diminished set of opportunities,” Munger said. “My advice to value investors is to get used to making less.”