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Charlie Munger is rightly remembered as one of the most prominent and successful investors of the last 100 years. Munger's investor meetings were as famous for his wisdom as for his no-holds-barred approach to dismantling myths about making money. One example of this is when he took "get-rich-quick" investment advisors to task by comparing them to heroin dealers.

Munger made the comments in 2019 at a Daily Journal shareholders meeting when discussing the influence of social media and day trading on the investment world. It's well-known that Munger's investment philosophy was shaped by his no-nonsense Midwest upbringing in Omaha, Nebraska. He favored a steady investment style consisting of buying and holding quality stocks over long periods as they gained value.

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That's almost the opposite approach offered by many self-styled online investment gurus who claim they can teach novice investors how to become rich overnight. Munger summed up his thoughts by saying, "If you take the modern world where people are trying to teach you how to come in and trade actively in stocks, well, I regard that as roughly equivalent to trying to induce a bunch of young people to start off on heroin."

He added that he was "tired" of people offering get-rich-quick investment plans to others online. Munger was aware of social media's potential influence on young people's decision-making and feared the long-term effects might be negative. The reality is that for all but a few people, investing to get rich overnight is a path to ruin, not sustainable wealth.

There have always been scammers and snake-oil salespersons who offered "can't miss investment advice." However, the internet and social media allow them to amplify their message and reach exponentially more potential victims. Charlie Munger viewed this as a potentially negative development. He also took issue with the self-aggrandizing nature of promoting yourself as an investment genius.